According to recent news, a fast-moving virus known as the “Corona virus” infected thousands of people in China and spread across the world. However, this sudden occurrence originating in the Wuhan, China has been declared a global emergency by the World Health Organization (WHO). So that’s why downfall seen in markets and different trade sectors out of that I would like to write here about Cotton and Yarn prices that is fallen by 5% recently. Similarly prices increased in Rajma around by 8% in the last week because of the Corona virus in China.
India imports Rajma from China and as per industry estimate that imports by 50% of Rajma from China and in case of Cotton and Yarns those exports around 25% from India to China.
According to a source from a renowned Rajma importer, this is the reason the price elevated in Rajma by 8% in the global market and no shipment from the Port of Dalian in China as of now. There are around 300 containers stuck at the port in China which was ready to shipped India. Similarly, prices also have fallen by 4% in last week, said Cotton and Yarn exporters.
They also said, there is a panic or may be a sentimental issue that’s why the shutdown goes in China markets and expecting this will be improved shortly. According to the president of Indian Cotton Association he said, not only the corona virus attacked but also Chinese new year holidays disturbed the entire world markets for the next two weeks and expecting clarity on export orders will be informed by mid-February this year.
One of the traders in China said that the export and shipment of Rajma will begin by mid of February’2020 this year. Somehow, if there is a delay that would be a matter of concern as the current shipments were for February-March delivery. Also he said the consumption of Rajma in the country was 8 containers on daily basis, however out of 6 containers were from China obviously and the prices of Rajma remained stable as of now in the current Indian markets.
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