The Central Reserve Decided To Import About 500000 Tons Of Xinjiang Cotton
State Grain Reserve Bureau and State Grain Reserve Bureau
Ministry of Finance of the People's Republic of China
Announcement (No. 2 of 2020)
In order to strengthen the management of central cotton reserve, further optimize the reserve structure and improve the quality of reserve, it was decided to rotate some cotton in Xinjiang. The relevant matters are hereby announced as follows:
1、 Turn in time
National legal working days from December 1, 2020 to March 31, 2021.
2、 Quantity arrangement
The total amount is about 500000 tons, and 7000 tons are listed for bidding every day.
3、 Rotation mode
The rotation work is implemented by China Grain Reserve Management Group Co., Ltd. (hereinafter referred to as "CSGC") and is traded through public bidding in the national cotton trading market.
4、 Rotation price
In principle, the maximum limit price (to the warehouse price) is determined dynamically according to the market. In principle, it is linked with the domestic cotton spot price and rises by a certain proportion. It is adjusted once a week. During the rotation period, when the price difference between domestic and foreign cotton exceeds 800 yuan / ton for three consecutive working days, the transaction will be suspended; when the price difference between domestic and foreign cotton falls back to less than 800 yuan / ton, the transaction will be restarted. China Grain Storage Group Co., Ltd. and the national cotton trading market uniformly announced the maximum price limit and the difference between domestic and foreign cotton prices. (see Annex for specific calculation formula)
5、 Quality requirements
The rotation cotton is the sawtooth fine wool cotton produced and processed in 2020 / 2021 and has been included in Xinjiang cotton professional supervision. The proportion of color grade white cotton grade 3 and above, length grade 28mm and above, and micronaire value grade B and above shall not be less than 80%. The specific quality requirements shall be separately announced by China National Grain Storage Group Corporation. Cotton packaging should be bound with cotton cloth outside and conform to the national standard for cotton packaging (gb6975-2013).
6、 Relevant regulations
1. After Xinjiang cotton is delivered to the storage site, China Fiber Quality Monitoring Center shall organize notarization inspection, and issue quality and weight inspection certificates by on-site sampling and 100% inspection (i.e. package inspection). If the results of public inspection do not meet the storage requirements, they shall not be put into storage as central reserve cotton.
2. CSGC, together with the national cotton trading market and China fiber quality monitoring center, formulates and publishes detailed rules for the implementation of reserved cotton rotation, competitive trading, notarization and inspection.
3. In the process of cotton rotation in Xinjiang, if there are significant changes in the cotton market at home and abroad, according to the needs of market regulation and control, the State Grain and material reserve bureau will make necessary adjustments to the rotation arrangement with relevant departments.
It is hereby announced.
Annex: calculation formula of central reserve cotton rotation price, etc
Ministry of finance of state grain and Material Reserve Bureau
October 19, 2020
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