In 2019, The Detailed Rules On The Auction Of Cotton Reserves Were Issued. (2019 [Turn Out] No. Second)

Cotton companies involved:

According to the announcement of the State Grain and material reserve bureau and the Ministry of Finance (first 2019), the central reserve cotton is sold through the open auction of the national cotton trading market.

To this end, the national cotton trading market has formulated the "central reserve cotton 2019 round bidding paction" (see Annex), which is published by the relevant departments.

Notice hereby.

Annex: 2019 central reserve cotton circular auction paction method

National cotton trading market

April 30, 2019

Enclosure:

2019 central reserve cotton trading method

general provisions

Article 1 in order to ensure that the central cotton reserve (hereinafter referred to as "reserve cotton") is traded in accordance with the principle of "openness, fairness and fairness", the present Measures are formulated in accordance with the contract law of the People's Republic of China and the relevant provisions.

The second method is applicable to regulate the behavior of the cotton reserve rotation in 2019, and the relevant parties of the national cotton trading market (hereinafter referred to as the "trading market"), the buyer, the seller and the reserve cotton storage warehouse must abide by this method.

Second chapter paction time

The third round of trading time is tentatively designated as the national day of work from May 5, 2019 to September 30, 2019.

The specific trading time is 10:00, the paction begins at 10:00, the countdown begins at 10:30, and the countdown begins at 15 seconds until the closed market.

Third chapter paction qualification

The fourth seller of cotton reserves is the China reserve cotton Management Co., Ltd. (hereinafter referred to as "China Cotton Storage Company"), which is owned by China Grain Reserve Management Group Co. Ltd.

The buyer who participates in the reserve cotton rotation paction is a legal person registered by the national market supervision department. Its credit standing is in good condition, and there is no bad business record.

The buyer who participates in the round out paction should be registered as a trading market dealer.

If an enterprise has not yet become a trading market dealer, it must go through the formalities of entry into the market according to the relevant provisions of the trading market, and the trading market shall open trading rights accordingly.

The fifth dealers participate in the round out paction through the network.

Dealers should bear economic and legal responsibilities for all pactions in the trading market.

The fourth chapter deals with pactions.

The sixth reserve cotton wheels are sold through auction sale.

Auction sale refers to the basic data such as quality and quantity of reserve cotton, which are to be sold, and then quoted by the trading market prior to listing. The price is raised by the qualified buyer dealer (hereinafter referred to as the "buyer"), and the paction is based on the principle of price priority and time priority, and at the highest purchase price, and the two sides sign the purchase and sale contract through the market.

Seventh competing for sale

The sale base price of the eighth standard grade (3128B) reserve cotton is calculated and determined by the relevant departments of the state, and the selling base price of the non-standard grade reserve cotton is determined by the market according to the quality difference table published by the China Cotton Association.

The daily selling quantity and the selling price of the actual batches of cotton reserves will be based on the listed data released at that time.

The buyer raises his own price on the basis of the selling price, and the minimum increase is 20 yuan per ton per time.

After the ninth paction, the buyer signed a contract for the purchase and sale of cotton reserves by the state market supervision department (see Annex) for registration with the China cotton storage company.

The measurement unit of the tenth paction is "ton" and the unit of valuation is "yuan / ton" (including VAT).

The fifth chapter deals with information disclosure.

The eleventh notarized inspection data of the listed cotton reserves can be released in time through the trading market website.

Twelfth reserve cotton rotation trading resources entrusted by the relevant state departments entrusted by the China Grain Reserve Management Group Co., Ltd. is organized by the China fiber quality monitoring center in accordance with the GB1103.1-2012 "first parts of cotton: sawtooth processed fine cotton" national standard organization comprehensive notarization inspection, each batch of cotton certificate surveyor's certificate results are used as the basis of quality and weight for participating in the settlement of pactions and pactions.

The Thirteenth Central Storage cotton companies will provide basic information on the year, place of origin, warehousing, quality, quantity, and date of listing of the reserve cotton to be traded on the market before the 1 working days prior to the date of listing.

The fourteenth trading market will publish the reserve cotton data to be listed on the market at least 1 days prior to the listing.

The fifteenth trading market provides free real time quotes for pactions through the official website of the 2019 "reserve cotton rotation" column.

The sixteenth trading market will timely submit the paction to the relevant departments of the state.

The sixth chapter is margin, payment and commission.

The seventeenth buyer who takes part in the rotation of cotton reserves must deposit a security deposit of not less than 300 thousand yuan before the paction is specified in the trading market.

The trading margin of pre dealer dealers in the trading market is managed by special accounts.

The trading market only accepts remittance from its own unit as a trading deposit.

To ensure timely deposit of margin, please indicate dealer code and reserve cotton deposit in remittance purpose.

In the eighteenth paction, the buyer will suspend the paction until the margin is insufficient.

After the nineteenth paction, the trading market withdraws the margin from the buyer's predeposit margin according to the number of pactions according to the standard of 1000 yuan / ton as the performance bond.

The twentieth buyer is required to sign the contract for the purchase and sale of cotton reserves within 3 working days after the paction, and will remit the paction amount to the "reserve cotton settlement account" of the reserve cotton company within 5 working days after the paction. Otherwise, it will be deemed to be a buyer's default, and the relevant batches of cotton will be re traded after the paction market deducts the corresponding contract breach.

In order to simplify the operation procedures, the buyer completes the formalities of signing the purchase and sale contract by means of the electronic seal on the "reserve cotton purchase and sale contract" provided in the trading market, and the specific procedures shall be carried out according to the relevant provisions of the trading market.

In order to speed up the settlement and reduce the time of funds in pit, the buyer should remit the amount according to the contract value and mark the contract number in the remittance note column.

The twenty-first trading market releases the buyer's performance bond according to the notice of the central storage cotton company or deduct the relevant guarantee money as liquidated damages.

The trading market regularly pfers the default penalty to the central storage cotton company, which is handed over to the central finance by the central storage cotton company.

In order to regulate the buyer's behavior, if the buyer who participated in the auction of cotton reserve in 2019 broke a contract, he suspended the auction for one week on the basis of deducting the default margin, and accumulated three times of breach of contract.

Trading market through official website

The twenty-second paction market charges 10 yuan / ton (including tax) to the paction buyer.

The paction fee of China Cotton Storage Company is implemented according to relevant policies.

The seventh chapter is delivery and delivery.

Twenty-third in addition to force majeure, the buyer shall complete the delivery within 10 working days (including) on the date of the relevant batch of "cotton reserve depot". The warehouse shall be dealt with in a timely manner, and shall not refuse, delay or obstruct without reason.

If the buyer fails to take delivery of the goods, the relevant cotton shall be pferred to the management of commodity cotton. The contract for the storage of cotton and cotton shall be signed by the buyer and the warehouse in consultation, and executed according to the agreement of the two parties.

Twenty-fourth, at the buyer's request, the warehouses should provide necessary assistance in such aspects as agent pport, declaration of the wagon plan, dumping and shipment.

The validity and validity of all the notes are responsible for the delivery and delivery of the twenty-fifth cotton reserves.

The twenty-sixth related items of reserve cotton outgoing shall be implemented by the relevant departments of the state.

In addition to prior agreement between the two parties, the reserve cotton warehouse shall not be charged any additional fees and shall not be forced to require the buyer to use the designated means of pport.

The eighth chapter is quality and weight protection and paction dispute handling.

Twenty-seventh buyers, if there is any objection to the inspection results of the quality and weight of the stored cotton, can submit the application for reexamination to the trading market within 10 working days from the date of issuance of the reserve cotton warehouse. The paction market will be pferred to the China fiber quality monitoring center and sent to the central storage cotton company in the first instance according to the conditions of the first instance. The designated inspection agency of the China fiber quality monitoring center will review the application according to the applicant's application. If the unit exceeds 10 working days, the relevant units will not accept the application for reexamination.

The cotton stored for Notary Inspection can be applied for reexamination of the weight, color level, mill quality, length, micron value, fracture strength and length uniformity index.

The reinspection procedures and results feedback shall be carried out in accordance with the relevant provisions of the China fiber quality monitoring center.

Transaction market re examination application fax number: 010-88087278; contact number: 010-59338692.

The twenty-eighth buyer, when filing the application for reexamination, needs to reappear the cost of reinspection in advance of the paction market reserve cotton paction margin account, or to guarantee the amount of the amount of earnest money deposited by the buyer in the trading market enough to pay for the re inspection fee.

The reinspection cost standard is: only the quality inspection is carried out, the cost standard is 58 yuan / ton; the standard of only checking the weight is 42 yuan / ton, and the standard of the quality and weight is 100 yuan / ton.

In the quality inspection results of the twenty-ninth cotton reserves, any index of color grade, mill quality, length, micron level, breaking strength level and length uniformity index is inconsistent with that of the original notarization test. The buyer may make a return. If the buyer chooses not to return the goods, he will still settle the payment according to the original notarial inspection results.

If the weight of cotton reserve is within 1% and less than that of the original fixed weight test results, the settlement will be settled according to the results of the original fixed weight inspection. If the weight reexamination result is different from that of the original fixed weight inspection result, the buyer may return the goods. If the buyer chooses not to return the goods, the settlement will be settled according to the original weight test results.

The cost of relocation (40 yuan / ton) arising from the reinspection of the warehouse shall be borne by the buyer.

If the re inspection result is consistent with the original notarial inspection result, the re inspection fee shall be borne by the buyer, otherwise the buyer dealer will not undertake the reinspection fee.

The quality inspection results are consistent with the original notarial inspection results. The standards are implemented according to the relevant regulations of China fiber quality monitoring center.

Thirtieth, unless the following circumstances occur, the cotton has been disposed of will not be returned.

1. adulteration made by the China fiber quality monitoring center.

2. the quality and weight of the Chinese textile fiber quality monitoring center are inconsistent with the original inspection results.

3. there is pollution and mildew inside the cotton bag.

If there is any serious quality problem such as adulteration, such as adulteration, the cotton reserve shall be treated by the cotton quality supervision institution according to the cotton quality supervision and administration regulations.

Thirty-first, when the reserve cotton purchased by the buyer meets the conditions of return and the buyer chooses to return the goods, the cotton store company will return the goods according to the relevant regulations.

The buyer can only return the goods according to the whole "bundle" at the time of the paction.

The thirty-second trading market encourages traders to resolve disputes through negotiation. If they fail to negotiate, they can apply for mediation in the trading market. If negotiation or mediation fails, they can bring legal proceedings to the people's court in the place where the contract was signed.

Ninth chapter other

The thirty-third buyer can pick up the "reserve cotton export list" (paper quality) and the special invoice for value-added tax by the central storage cotton company, or entrust a designated person with the entrustment to the central storage cotton company to handle the relevant documents and invoice collection procedures.

In the thirty-fourth paction, when the paction information is found to be incorrect, it is responsible for the information provided by the central storage cotton company. It belongs to the paction market data processing error, and is responsible for the paction market.

The return caused by these reasons shall not be treated as a breach of contract by the buyer.

Thirty-fifth historical debt disputes between storage warehouses and buyers shall not be linked to the pick-up business of cotton reserves.

The thirty-sixth buyer has no objection to the purchase of cotton reserves, and applies to the central storage cotton company to issue the VAT invoice.

The thirty-seventh trading market will promptly deliver all kinds of expense lists and invoices to buyers and sellers after the completion of the round out paction.

Tenth chapter supplementary provisions

During the thirty-eighth cotton reserve rounds, the trading market announces information on price, volume, paction unit and paction price daily.

The published price quotations mainly include the highest price, the lowest price, the weighted average price and so on.

The thirty-ninth reserve cotton trading process is open to the public through various media and is subject to public supervision.

Market consultation and telephone number: 4008106850.

The fortieth way is responsible for the formulation and interpretation of the paction market.