Alexandria Cotton Exporters Association “ALCOTEXA” announced new selling prices of the Egyptian cotton for the new export season 2002/2003 as follows
G + 3/8
G 70 97
G 88 94
G 86 83
G 89 78
G 85 76
G 80, 83, 90 72
considering the price difference for each 1/8 of grade 2 c/lb.
The Government representative in ALCOTEXA; Mr. Mohamed El Sheiwy, declared that the announced prices are to implemented starting from the current week ensuring that changes in cotton prices will be according to the world market mechanisms and prices of other competitive cottons.
In addition, ALCOTEXA announced Cotton Export Sales conditions for Egyptian cotton varieties season 2002/2003, effective 1/9/2002 , as follows :-
1 – Cotton export sales’ prices are announced periodically and are subject to modifications to be in line with prevailing international prices .
2 – All bids submitted to cotton export firms (members of Alexandria Cotton Exporters’ Association) are subject to ALCOTEXA’s approval prior to finalization of the contract .
3 – All contracts registered at ALCOTEXA are final .
4 – Payment to be effected in U.S. Dollar .
5 – Contracts may be concluded on basis F.O.B – C.I.F. – C.&F. terms, at Buyer’s option .
6 – Settlement to be effected either :-
– By opening prior to shipment, an irrevocable L/C at sight through a first class bank covering the entire shipments’ value, or
– Cash against documents at sight, at Seller’s responsibility.
7 –The Seller may grant payment facilities, in which case the Buyer has to open a confirmed L/C by a first class bank according to both parties agreement.
8 – Sales’ contracts, relative to bids already approved by ALCOTEXA, are submitted for registration accompanied with Buyer’s name, country , quantity , variety , type and prices.
9 – New Buyers dealing in Egyptian co