Private sector makes bids in government auction of 2020 cotton crop

The private sector has for the first time in the modern era participated in the state’s cotton crop auction sale on Sunday organized by state-owned Cotton and Textile Industries Holding Company, according to a cabinet statement. Opening bids for the first auction-based pricing scheme for this year’s cotton harvest started at EGP 1.79k per quintar and closed at a final sale price of EGP 1.8k per quintar. This comes after last year’s auction saw private sector companies refusing to participate in the new bidding system after complaints that the opening auction price of EGP 2.1 k per quintar started too high.