Atul Ganatra, President, Cotton Association of India, said that considering the low cotton production and high Indian cotton consumption, very soon India's status from a net cotton exporting country will change to a net cotton importing country. “Currently, Indian cotton prices are at Rs 62,500-63,000 per candy. It looks like the prices will remain stable for now but after May the cotton arrivals will start reducing and cotton prices will gradually move upwards. We believe cotton prices in India may touch Rs 70,000-75,000 per candy in June-July.
Globally, cotton prices are trading at a four-month low. However, due to higher cotton consumption, Indian mills are seeing good demand for cotton. The rise in cotton prices can be attributed to weak demand globally, due to which cotton exports have come down this year. Last year the export was 42 lakh bales, but this year it is expected to be around 25 lakh bales. “Last year, our cotton exports were 42 lakh bales, but this year, we expect cotton exports to be around 30 lakh bales. But considering the high Indian cotton rate, we can reduce the estimated export of cotton from 3 million bales to 2.5 million bales.
Despite weak demand, India has been able to export 1.2 million bales of cotton till March. In the case of spinning mills, he believes that this is a good time for spinning mills. "The mills are making less profit and running at 100 per cent capacity," he said. Indian mills have been making profits for the last two months. He sees a good future for Indian spinning mills as China, Bangladesh are slowing down and demand from these two countries is shifting to India.
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