By the middle of 2023, the Cotton Association of India (CAI) President predicts that cotton price could reach Rs. 75,000 per candy. This is a result of both the high demand from both domestic and foreign markets and the current season’s reduced crop supply.
India’s poor cotton production and high consumption, according to Cotton Association of India President Atul Ganatra, would soon turn it from a net exporter of cotton into an importer. Indian cotton costs between Rs. 62,500 and Rs 63,000 per sweet right now.
However, cotton arrivals will start to decline after May, which would cause prices to gradually rise. According to Ganatra, cotton candy prices in India might reach Rs. 70,000–75,000.
While Indian mills are seeing strong demand for cotton due to greater cotton consumption, global cotton prices are trading at a four-month low as a result of poor demand. This year’s decline in cotton exports is another factor driving up cotton prices. Yet, up until March, India was able to export 1.2 million bales of cotton.
According to Ganatra, spinning mills are currently operating at full capacity and are profitable. Given that demand is shifting to India while China and Bangladesh are slowing down, the future of Indian spinning mills appears bright.
