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Breach of contract of imported yarn increases buyers "suffer from the enemy"

According to the feedback from Cotton Traders in Guangdong, Jiangsu, Zhejiang and other places, the quotation of imported cotton inner and outer discs has continued to decline in recent week. The falling space of common combed yarn and OE yarn in India, Vietnam, Pakistan and other countries is slightly larger than that of high matched combed yarn (FOB and CNF prices), especially the inquiry, contract signing and shipment of Indian bonded yarn and futures yarn with "not beautiful but not cheap".

Some cotton yarn import enterprises and middlemen have been confronted with increasing pressure in recent years. On the one hand, with the main contract of cotton in ice period falling below 58 cents / pound, the CNF price (or FOB) of cotton yarn in Vietnam, India, Pakistan and other countries has been declining, and the high price contract signed in December / January has become "hot potato"; on the other hand, with Zheng Cotton falling below 11500 yuan / ton, and the downstream textile and garment enterprises resuming production The progress is relatively slow (the main consumer group of imported cotton yarn is small and medium-sized weaving enterprises in coastal areas), and the domestic cotton yarn inflation is only a flash in the pan. Since March, a small "diving" mode has been opened. Up to now, the price of OE yarn has been reduced by 200-300 yuan / ton, and that of conventional combed and combed ring spinning yarn has been reduced by 300-500 yuan / ton.

Several cloth factories and traders in Shandong, Henan, Zhejiang and other places said that in recent one month, the breach of contract of imported cotton yarn has increased obviously due to various factors, and the phenomenon of partial cancellation of contract, delay of shipment or even direct breach of contract by the buyer is mainly.

First, ice cotton and Zheng cotton fell sharply. At present, the price of cotton yarn offered by foreign mills is significantly lower than the contract price, and the breach of contract between the buyer and the seller grows rapidly without any result;

Second, the outbreak of the new crown epidemic in the whole world has affected transportation, trade and communication to varying degrees. Cotton yarn production, shipment and delivery have also been delayed. Some of the "rice in the pot" cloth factories and middlemen have been forced to default or delay shipment for 20-30 days;

Third, the recovery progress of small and medium-sized weaving and garment enterprises is significantly lower than expected; in addition, the light textile market is still in a semi closed state, and the uncertainty of imported yarn demand is significantly increased due to the epidemic situation and the collapse of crude oil price;

Fourth, with the Fed's interest rate cut + QE, the probability of RMB devaluation is high (on March 12, both onshore and offshore RMB broke 7 against the US dollar), the cost of imported cotton yarn is rising, and traders and cloth factories are a little "annoyed".