NDRC: TO ISSUE EXTRA 400,000 TON IMPORT QUOTAS OF COTTON

"National Development and Reform Committee (NDRC) has issued the extra 400,000 ton import quotas of cotton to release the textile enterprieses' cost pressure," said two sources.

A source quoted by the Reuters added:" China has issued 2400,000 C quotas this year, but the big amount of import C has used up these quotas. Currently the import C on arrival overstocked at Qingdao Port ect. still could not clear customs due to quotas lack. Whileas, the price of quotas on market has skyrocketed to 4000/T, which exacerbates the harsh in textile industry."

"NDRC is considering to put cotton storage on the market, and plan to release about 1 million ton including 300,000 ton bought in 2008 and 700,000 ton in 2011, in order to increase the market supply, as well as to make room for this year's new cotton," added another source.