Indian yarn exports to China continue to drop in price
According to foreign news, yarn prices in India continue to be at a high level this year, and the implementation of the new GST tax system may add additional burdens to many traders.
During the week of June 22-28, domestic cotton and yarn prices in India remained stable. It is understood that the price of cotton in India this year is significantly higher than that of other major producing countries, while high cotton prices have weakened market demand. At the same time, the new GST tax system that will be implemented on July 1 is expected to disrupt the textile chain. It can be predicted that during the implementation of the new GST tax system in India, it seems to be very difficult for traders and other middlemen to implement the new tax system, while it is relatively easy for larger companies and industrial sectors.
It is understood that in order to improve export competitiveness, Indian cotton textile exporters continue to lower export prices. Last week, India’s cotton export price to China was reduced by 1 cent, and the price of JC30SFOB was reduced by 2 cents to 3.03 cents/kg. According to statistics, India’s yarn exports to China in May fell by 71% year-on-year and 45% from the previous month. China’s proportion of Indian yarn exports has dropped significantly. Indian yarn exports to China continue to drop in price
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