Market Observation: Customs News: Turkey'S Cotton Imports Failed To Achieve Growth In Crude Oil

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According to the data of the General Administration of Customs, in November 2023, China imported 307000 tons of cotton, a year-on-year increase of 72.9%, of which Turkish cotton accounted for 4%. Although it was behind Brazilian cotton, Australian cotton, American cotton and Kazakh cotton, it continued to grow compared with the previous months, and it again broke the record high level after October 2023, but Turkish cotton imports suddenly slowed down in December 2023, The proportion is exceeded by Sudan cotton, Tanzania cotton, etc.

From the quotation of some cotton trading enterprises, on January 25-26, Qingdao Port had cleared the machine and picked up Shuang 29, horse value 4.5, and the quotation basis of Turkish cotton with controllable sundries was mostly - 1700 yuan/ton (quotation CF2405-17002022/23); The lowest selling price is 13800 yuan/ton; However, the one-off price of Turkish cotton M1-5/32 (strong) in Zhangjiagang and Nantong ports in 2023/24 will be as high as 15000-15200 yuan/ton. It is puzzling that at present, the net weight of bonded Turkish cotton 41-4/41-537 (Qiangli 28/29GPT) in China's main ports is quoted at 88.70-89.70 cents/pound, even though the import cost under 1% tariff is more than 15500 yuan/ton, which is "upside down" to the RMB resource quotation.

On the whole, the quotation of Turkish cotton in 2022/23 is more than 2000 yuan/ton lower than that of Brazilian cotton in the same indicator; Turkish cotton is more than 1000 yuan/ton lower than Brazilian cotton in 2023/24. Why is Turkish cotton import and RMB resource performance still not growing significantly?

The industry believes that, on the one hand, Turkish cotton is mostly roller cotton, and because the management level, harvesting, transportation, processing and other links are not well controlled, not only the impurity content is very high, but also the quality difference between different processing periods, batches, and cabinets is large, which is not conducive to spinning C32S above; On the other hand, Turkish cotton arriving at the port from October to December 2023, entering the warehouse and clearing customs accounts for a large proportion of old cotton in 2021/22 and 2022/23, with obvious degradation. The inventory of new cotton ports in 2023/24 is low, and there is little room for cotton enterprises to choose. In addition, according to the feedback, most Turkish cotton has neither quality claims nor weight claims, which restricts cotton mills to place actual orders.