On July 13, the rotation of cotton from the central reserve in 2022 will be officially launched. This year’s central reserve cotton rotation details have made some new adjustments compared with previous years. In response to the changes in the rotation rules this year, the reporter interviewed the person in charge of the relevant unit and interpreted the key points of the rotation rules for reference by the storage companies.
What are the new changes in the 2022 rotation rules?
The first is to meet quality requirements. This year, new adjustments have been made to the color grade standard of incoming cotton. Here is an important reminder that although the color grade of cotton delivered to the warehouse for public inspection can be relaxed to white cotton grade 1, 2, 3, and 4, light spot cotton grade 1 The proportion shall not be less than 80%, but the proportion of cotton delivered for storage shall not be less than 80% of the original white cotton grade 3 and above in the Xinjiang supervision warehouse. Other quality indicators are the same as the 2020 entry standards, which are slightly different than those in 2019. Mainly considering that cotton has been stored for a long time, the color grade of some cotton may drop during storage inspection.
The second is the change in the qualifications for rolling transactions. Compared with the last round of trading qualifications, this year it is limited to “cotton target price reform processing enterprises determined after the announcement of the Xinjiang Uygur Autonomous Region and the Xinjiang Production and Construction Corps in 2021/2022.” The important thing to note here is that the cotton delivered for storage must be processed by the company itself, and cotton produced and processed by other companies cannot be delivered in the name of the company. Regardless of whether it is a single contract operation or a joint contract operation, as long as the ginning enterprise meets the qualification requirements specified above, it can be handed over for storage.
The third is the number of packages required for the batch. A special reminder here is that delivery and storage enterprises must deliver and store in batches according to complete batches, that is, the batch of cotton submitted to the trading market for storage and the cotton finally transported to the warehouse must ensure that it is a complete batch of 186 bales or 93 bales. After arriving at the warehouse for public inspection, in order to reduce the enterprise’s storage losses and maximize the convenience of storage, the enterprise can select the packages within the scope specified in the rolling rules, but the number of 186 packages after the selection process shall not be less than 170 Packets, a batch of 93 packs shall not be less than 85 packs.
The fourth is the changes in warehousing reservations and payment settlement. In order to facilitate the efficient advancement of warehousing work, storage enterprises should communicate with the storage warehouse before cotton is shipped this year and download the reserve cotton storage reservation APP through China Cotton Network to register for warehousing reservation. Here we need to remind the delivery company that if you do not make an appointment for delivery, the warehouse may refuse to accept it. Repeated failure to make an appointment may lead to a breach of contract. Of course, the storage library will also communicate and coordinate with the company in a timely manner to avoid breach of contract.
The “Reserve Cotton Inbound and Outbound Settlement Statement” is also released through the Reserve Cotton Inbound and Outbound Reservation APP, and storage companies can query, download, and print by themselves. The payment account number provided by the delivery enterprise (here refers to the payment account number registered through the APP) should be consistent with the contract account number. Due to failure to provide the correct account, resulting in delayed payment, etc., the losses incurred will be borne by the depository enterprise itself.
Fifth, changes in liability for breach of contract. In response to quality breaches reported by some delivery companies, relevant departments this year actively absorbed and adopted reasonable suggestions from delivery companies and further relaxed relevant requirements based on extensive surveys. The most obvious change is that if the delivery enterprise can prove that the proportion of color grade white cotton grade 3 and above in the Xinjiang regulatory warehouse notarized inspection results is not less than 80%, and other indicators meet the storage requirements, due to the notarized inspection in the warehouse If the result does not meet the deposit requirements and cannot be deposited, the default will not be counted.
All delivery companies that participate in the 2022 central reserve cotton rotation must carefully read the rotation details and avoid breach of contract. Otherwise, the company’s reserve cotton trading qualification for this year will be suspended and the performance bond will be deducted.
Sixth, changes in cotton reserve customer service and corporate complaints. During the rotation process of cotton reserves, in order to prevent problems such as arbitrary charges by storage units, storage companies can not only complain through the telephone and fax issued by China Cotton Reserve Company, but also use the “online complaint” module of the reserve cotton storage reservation APP. For complaints and feedback, both methods have dedicated personnel to handle them, which not only safeguards the interests of the depository enterprises, but also ensures the orderly progress of the rotation work.
The above changes are the latest adjustments to the implementation details of this year’s Central Reserve Cotton Rotation. We hereby remind storage companies to carefully read the “2022 Central Reserve Cotton Rotation Implementation Rules” and be familiar with the rotation rules to avoid various occurrences during the transfer process. problem, affecting the deposit progress. At the same time, storage companies must also seize the opportunity, arrange storage work scientifically and rationally, reduce operating risks, and calmly cope with future market challenges.
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