China’s import of soybean oil in February 2018
Cofeed News: imports of soybean oil in February totaled 5,794.125 tonnes, relatively lower than imports in January. Generally speaking, two reasons accounted for the import decline: first, staff in most oil mills, customs districts and commodity inspection department were on holidays during Chinese New Year; second, few importers preferred imported soybean oil for direct use in consideration of profits. In recent months, Chinese buyers had engaged in imported soybeans buying for lucrative import margin, which sent operating rate to a exceedingly high level and boosted soybean oil output. Yet, till the end of February, soybean oil stocks for commercial use were pegged at 1,407,700 tonnes when crushers were inclined to their own production in soybean oil consumption.
According to customs data, February imports of soybean oil amounted to 5,794.125 tonnes from last month’s 19,364.234 tonnes, generally falling 13,570.109 tonnes by 70.08%, and the imports also decreased by 80.22% from 29,297 tonnes year on year with a reduction of 23,502.875 tonnes.-
Details for China’s imports of soybean oil in January: 3964.743 tonnes from Russian Federation, 1584.913 tonnes from Ukraine, 76.185 tonnes from Vietnam, 16.451 tonnes from the United States, 151.524 tonnes from
Average prices for soybean oil in February settle at USD $865.02 per tonne, up USD $3.34 per tonne from January’s USD $861.68 in 2018, while CIF price stays at 6,719 yuan/tonne, basically down 70 yuan/tonne compared with January’s 6,789 yuan/tonne.
Monthly imports of soybean oil in 2018 ( tonnes）
|
Month
|
2017-2018
|
2016-2017
|
|
Qty. (t)
|
Y-o-Y (%)
|
Qty. (t)
|
Y-o-Y (%)
|
Jan.
|
19,364.234
|
-45.89%
|
35,786
|
152.25%
|
Feb.
|
5,794.125
|
-80.22%
|
29,297
|
-62.80%
|
M-o-M
|
19,364.234
|
-70.08%
|
|
|
