Beijing, CNCotton: U.S. cotton at port warehouses are being offered 100 yuan lower, according to a local observer today. SM 1-1/8 and SLM 1-1/16 are obtainable at 14300 and 13600 respectively.
Buyers from a spinning mill in Shandong observed the Qingdao bonded warehouse on March 20. All foreign descriptions are below domestic quotes and the huge foreign stock continues to pressure domesitc prices. Procurment prices have fallen to 2.93 yuan per jin from 3.10 and despite this, daily procurement can be as high as 10-15 tons in the area. Clearly, the whole chain, ginners, merchants and farmers have been forced to accept a declining price.
