Our chairman, Wei Gangmin, was invited to attend the 2020 China Cotton Textile Forum
On August 21, Mr. Wei Gangmin, Chairman of our company, was invited to attend the 2020 China Cotton Textile Forum held in Hangzhou. As one of the guests of the roundtable forum on the theme of "Analysis of Cotton Market Supply and Demand and New Year's Trading Opportunities," Mr. Wei presented three core contradictions to view the market.
First, the contradiction between the novel coronavirus and humanity. At the beginning of the epidemic, the market's fear psychology caused cotton prices to fall from over 14,000 yuan/ton to around 10,000 yuan/ton in a month, and it has slowly recovered to around 13,000 yuan/ton. Recently, the market has shifted from fear to worry. Some are optimistic that the epidemic is over, while others feel that the marginal changes are too small. The vaccine is fundamental to ending the epidemic. Whether the virus will mutate, whether the epidemic can be overcome, and how long it will take to overcome it are important factors affecting the later stage.
Second, the contradiction between macro and industry. Supported by macroeconomic policies, the stock market rose steadily, and the futures market slightly recovered. For the cotton textile industry, there is high inventory upstream, low valuation, and weak driving force; the valuation is slightly above the trough, and the price does not show a clear driving force. Based on the current survey of the physical situation, the spinning sector has accumulated inventory and reduced production capacity. Many bulk commodities have recovered under the stimulus of monetary policy. Whether the monetary policy has given sufficient valuation in terms of cotton and cotton yarn remains to be verified.
Third, the contradiction between supply and demand. Companies currently have orders, but the order volume has not reached expectations. Currently, the downstream is still replenishing inventories, and the terminal clothing factories also have high inventories.
Mr. Wei believes that, based on the current situation, there is support below and pressure above. In the short term, there is no sign of resonance between the macro and the industrial chain, and large rises and falls are not seen, indicating that there is no significant divergence in the trading aspect.
Leaders from Xiamen C&D Group visited Tongzhou for investigation and guidance
On March 3, Wang Yongqing, Vice President of Xiamen CNOOC Group, visited Tongzhou Group for investigation and guidance. Wei Gangmin, Chairman of our company; Huang Hongyu, President; Li Tao, Vice President; and Zhang Zhiyan, Director of the General Office, met with and participated in a symposium.
Tongzhou Cotton Market Brief, Week 1 of March 2025
1) This week's National People's Congress and the Chinese People's Political Consultative Conference (NPC & CPPCC) in China boosted market expectations for steady growth. In February, the Purchasing Managers' Index (PMI) for manufacturing stood at 50.2%, up 1.1 percentage points from the previous month, indicating a significant improvement in the manufacturing sector.
In 2024, China's dyeing industry saw rapid export growth to ASEAN and RCEP member countries, exceeding the overall export growth rate. However, this growth was accompanied by a decline in prices. From January to December, China's exports of eight major dyeing products to ASEAN totaled 7.908 billion meters, a year-on-year increase of 12.14%, 4.61 percentage points higher than the overall export growth rate, accounting for 23.58% of total exports. The average export price was US\$1.19 per meter, a year-on-year decrease of 2.75%, 0.64 percentage points lower than the overall decline. Exports to RCEP member countries totaled 8.431 billion meters, a year-on-year increase of 11.35%, 3.82 percentage points higher than the overall export growth rate. The average export price was US\$1.17 per meter, a year-on-year decrease of 2.79%, 0.60 percentage points lower than the overall decline.
On February 28, Mr. Huang Hongyu, President of our company, was invited to attend the 2025 Zhangjiagang Cotton Industry Development Conference and, as a guest speaker at the "Xiangshan Roundtable," shared his views on the cotton market and trading opportunities.
Henan Tongzhou Cotton Industry Co., Ltd.
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Henan Tongzhou Cotton Industry Co., Ltd.
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