印度：高企的棉价将猛砍纺纱厂的利润
High cotton prices to slash spinners' profits (
Soaring cotton prices could be bad news for the spinning sector of
Domestic prices of ginned cotton have increased significantly from Rs 90-92/kg in April 2016 to Rs 122/kg currently.
"The spurt in cotton prices is beyond expectations and points to a severe shortage of cotton in the domestic markets. Slower cotton sowing and decline in cotton sown area, apart from cotton stocking by intermediaries, could have led to this sharp rise in prices. However, the recent increase in cotton prices can motivate the farmers further and the cotton sowing area can improve in the coming months," Icra VP, Corporate Sector Ratings, Anil Gupta said.
According to its estimates, in the near term, profitability of spinning industry will be adversely impacted because of the price rise as it faces challenges of slow growth in domestic consumption and high reliance on exports.
With domestic cotton prices higher than international rates, export prospects for the spinning industry also pose a challenge.
"Both the above factors are a challenge for the mills to sell their production and one can see a decline in capacity utilisation and also contribution margins, to prevent inventory build-up," Gupta added.
译文如下：
印度：高企的棉价将猛砍纺纱厂的利润
高涨的棉价对于印度棉花行业纺织部门来说将是坏新闻。根据评级机构Icra，印度国内棉花价格陡增,已经超过了国际比率,并指出短缺将对纱线的需求以及本财年二季度纺纱公司的盈利能力产生严重影响。
国内皮棉价格从4月的没公斤90-92卢比显著增加到目前的每公斤122卢比。
“棉花价格的高涨出乎意料，并指出国内市场棉花短缺严重。除了中介机构存储棉花，缓慢的棉花播种，棉花播种面积的下降都将导致棉花价格陡增。然而，最近棉花价格上涨可以进一步激发农民，棉花播种面积在未来几个月可以提高,”Icra副总裁Anil Gupta说。”
据其估计,在短期内,纺纱行业的盈利能力将因价格上涨产生不利影响,因为它面临着国内消费增长缓慢以及高度依赖出口的挑战。
国内棉花价格高于国际比率,纺纱行业的出口前景也构成了挑战。
“上述因素对于纺织厂销售他们的产品来说都是挑战，可以看到产能利用率的下降，以及贡献利润,为了防止库存积压问题,” Gupta补充说。