1、纺企交付前期订单为主。近期除40S系列需求相对紧俏外，常规纱及中高支纱新增订单普遍走弱；低支纱局部库存偏高，报价呈现稳中有松动态势，受成本支撑，价格方面：纯棉纱价格暂稳，交投一般，现新疆产精梳紧赛纺JC40S含税现金价26200-26700元/吨附近；新疆产高配C32S含税现金价22700-23000元/吨左右，实单协商。
2、国内棉价震荡偏稳，棉纱价格坚挺，莱赛尔、麻等原料上涨较多，纱线需打款排队，工厂差异化产品增多。客户订单询价增多，实际落单较为缓慢，价格上涨终端难以接受，处于观望阶段，常规坯布低成本库存年后也消化差不多，高成本库存陆续形成，对后续接单价格影响较大。
1. Textile enterprises are primarily fulfilling previously placed orders. Recently, apart from the relatively strong demand for 40S yarns, new orders for conventional yarns and medium-to-high count yarns have generally declined. In some regions, low-count yarns face relatively high inventories, and their quotations show a stable yet flexible trend. Supported by costs, the prices of pure cotton yarns are temporarily stable, with average trading volumes. The tax-inclusive cash price for Xinjiang-produced combed compact siro-spun JC40S is approximately 26,200–26,700 yuan per ton, and for Xinjiang C32S, it is around 22,700–23,000 yuan per ton, with prices negotiable for firm orders.
2. Domestic cotton prices are trading within a range and remain relatively stable, while cotton yarn prices stay firm. The prices of raw materials like Lyocell and linen have increased significantly. Yarn production requires advance payment and queuing, and factories are increasing the production of differentiated products. Although customer inquiries for orders have risen, actual order placement is slow. End-users find it difficult to accept price hikes and are adopting a wait-and-see approach. The low-cost inventories of conventional grey fabrics have mostly been depleted since the Chinese New Year, while high-cost inventories are gradually accumulating, which will have a considerable impact on subsequent order pricing.
本周市场较为稳定。纺企反馈到4月底订单较充足，但5月份订单已逐渐减弱，部分大厂仍较充裕。传统淡季即将到来，目前50S、60S订单已明显减少，下游织造环节开机率有局部下调的情况。
业内分析，随着行业“银四”接单不及预期，淡季提前到的担忧升温，若郑棉主力合约持续在15200-15800区间盘整，难以取得突破，棉纱线出厂价企稳的压力将逐渐上升，纺企不得不在“保利润还是保销量”间做出选择。
The market was relatively stable this week. According to feedback from textile enterprises, order volumes were relatively sufficient through the end of April, but orders for May have gradually weakened, although some large manufacturers still have ample orders. The traditional off-season is approaching. At present, orders for 50S and 60S yarns have decreased significantly, and the productivity in the downstream weaving sector has been partially reduced.
Industry analysts noted that as order intake during the "Silver April" peak season fell short of expectations, concerns over an earlier-than-expected off-season have grown. If the main ZCE cotton contract continues to consolidate within the range of 15,200–15,800 without a clear breakthrough, the pressure to stabilize ex-factory cotton yarn prices will gradually increase, forcing textile enterprises to choose between protecting profits or maintaining sales volume.
随着期货的上涨，贸易商备货热情也被拉动，整体走货较好的依旧是 40 高紧，40 精紧，之前一直较淡的 32 高紧最近也有加快走动的迹象。下游目前暂时还未能接受新价格，现在安排送货去织厂的都是涨价前接的订单。走访下来贸易商手中备货都偏少，若期货能站稳，纱价也是可以企稳的。
As futures prices rose, traders' enthusiasm for restocking has also been stimulated. Products still enjoying relatively good shipments include 40S compact yarn and 40S combed compact yarn. The 32S compact yarn, which had been sluggish for some time, has recently shown signs of accelerated movement.
Downstream buyers have not yet been able to accept the new price levels. Current deliveries to weaving mills are all for orders placed before the price increase. According to field visits, traders are holding relatively low inventories. If futures prices can stabilize, yarn prices are expected to firm up as well.
本周长江以北纱线市场整体呈现“价格弱稳、成交清淡、纺企累库”的格局。市场并未出现预期的“银四”放量，反而受制于下游订单不足，进入僵持观望阶段。山东市场作为长江以北最大的纱线集散地，山东市场本周表现疲软。企业虽有挺价意愿，但实际成交多有暗降或扩大议价空间，受清明假期及订单回落影响，部分纺企开机率下调至70%附近，以控制成品库存积压，南通地区反馈与北方市场高度联动。周边织厂终端新增订单较3月下旬明显走弱，市场普遍担忧“旺季提前结束”，采购策略转为按需补库，但是因为国际局势变化，部分国外订单回流导致纱线价格上涨，刚需成交量有一定提升。
This week, the yarn market north of the Yangtze River has generally been characterized by weakly stable prices, thin trading, and inventory accumulation at textile enterprises. The expected volume boost during the "Silver April" peak season did not materialize. Instead, constrained by insufficient downstream orders, the market has entered a stalemate with a wait - and - see attitude.
As the largest yarn distribution center north of the Yangtze River, the Shandong market performed weakly this week. Although enterprises intended to support prices, actual transactions mostly involved implicit discounts or expanded negotiation margins. Affected by the Qingming Festival holiday and falling orders, some textile mills reduced their productivity to around 70% to curb the buildup of finished - goods inventory.
Feedback from the Nantong region is highly consistent with that of the northern market. New orders from weaving millsweakened notably compared with late March. Widespread concerns have emerged over an early end to the peak season, and purchasing strategies have shifted to restocking only on an as - needed basis.
However, due to changes in the international situation, the return of some overseas orders has driven up yarn prices, resulting in a moderate increase in the trading volume for rigid demand.
1、本周郑棉主力09合约上涨，最高至15975，周五收盘至15905点；国外ICE美棉主力07合约步伐一致，最高至79.92美分，周六凌晨收盘至79.84美分；
2、本周新疆棉花基差变动不大，现货价格随期货上涨，纺织企业刚需采购为主；棉纱现货受棉价影响相比上周有300~500元/吨价格上调，下游观望情绪上升；
3、美棉在下年度种植可能存在缩减的预期下，投机资金驱动上涨，涨幅较大；
4、关注美伊冲突动态、国内下游在当前高棉价下的后续需求动向以及国内抛储消息，棉价当前状态下难以下跌。
1. ZCE Cotton CF2609 rose this week, hitting a high of 15,975 and closing at 15,905 on Friday. ICE Cotton 07 moved in tandem, reaching a high of 79.92 cents and closing at 79.84 cents early on Saturday.
2. The basis of Xinjiang cotton changed little this week. Spot prices rose in line with futures, and textile enterprises mainly made rigid-demand purchases. Affected by cotton prices, spot cotton yarn prices were raised by 300–500 yuan per ton compared with last week, and the wait-and-see sentiment among downstream buyers increased.
3. Driven by speculative funds, U.S. cotton prices rose sharply amid expectations of a possible reduction in the planting area for the next marketing year.
4. Pay attention to the developments in the U.S.-Iran conflict, the subsequent demand trends of domestic downstream industries under the current high cotton prices, and domestic cotton reserve release news. Under the current conditions, cotton prices are unlikely to decline.
由于油价上涨，孟加拉国、印度和其他南亚国家的纺织厂正面临电力不足和原材料成本高昂的问题。他们的开工率下降，导致生产延误和供应链压力。能源紧缺、成本飙升、交付不稳, 国外品牌为求稳定部分订单交付回流中国。
Due to rising oil prices, textile factories in Bangladesh, India and other South Asian countries are facing insufficient power and high raw material costs.
Their operating rates have dropped, causing production delays and supply chain pressure. Due to shortage energy, increasing costs, and unstable delivery, foreign brands are returning some orders to China in order to seek stability.
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