China’s Palm Oil Stocks and Arrivals Weekly (Week 10, 2020)

2020-03-10 www.cofeed.com

I. National stocks

As of this Friday (Mar. 6), edible palm oil stock totals 898,200 tonnes at domestic ports, down 3.03% from 926,300 tonnes a week earlier; down 46,900 tonnes or 4.96% from 945,100 tonnes the same period last month; up 135,200 tonnes or 17.7% from 763,000 tonnes the same period last year. Meanwhile, industrial palm oil stock at domestic ports totals 155,890 tonnes, up 5,790 tonnes or 3.8% from 150,100 tonnes last week.

There are less boatloads of palm oil arriving at ports this week. As of this Friday, the price spread between soybean oil and palm oil is 520 yuan/tonne, narrowing by 125 yuan/tonne from 645 yuan/tonne last week. But oils futures stop declining and start rebounding at home and abroad, so some buyers purchase palm oil upon the low price. In consequence, the trading of palm oil in market goes better this week, which totals 27,950 tonnes with an increase of 23,550 tonnes or 535.2% from 4,400 tonnes last week. Thus, domestic edible palm oil stocks continue to drop this week. Additionally, China’s buyers have bought not many cargoes of palm oil due to the poor import profit, so edible palm oil stocks are likely to slide in later period on the whole.

Region /Port	Edible Palm Oil Stocks（0'000 mT）					Industrial Palm Oil Stocks
Region /Port	W10	W9	Change	M-O-M	Y-O-Y	W10	W9	Change
Tianjin Port	10.32	13.12	-2.8	-32.90%	-34.50%	1.8	1.2	0.6
Hebei	0.9	0.76	0.14	28.60%	80.00%	0.1	0.12	-0.02
Shandong Port	4.33	4.5	-0.17	21.90%	13.60%	1.149	1.33	-0.181
East China	33.35	33.76	-0.41	2.70%	44.90%	10	9.7	0.3
Guangdong	33.62	33.62	0	-1.60%	25.90%	2.29	2.41	-0.12
Guangxi	2.55	3.07	-0.52	-41.90%	-3.04%	0.25	0.25	0
Fujian	4.75	3.8	0.95	23.40%	21.79%	0	0	0
Total：	89.82	92.63	-2.81	-4.96%	17.70%	15.589	15.01	0.579

Fig.: China's palm oil stocks in recent years

II. Goods Arrivals

According to the latest statistics by Cofeed, the estimate of import volume for March this week is 320,000 tonnes and flat from last week (RBD palm olein 200,000 tonnes and industrial palm oil 120,000 tonnes); that for April is 320,000 tonnes (RBD palm olein 200,000 and industrial palm oil 120,000 tonnes) unchanged with last week; that for May is 320,000 tonnes (RBD palm olein 200,000 and industrial palm oil 120,000 tonnes).

III. Margins and Shipments

Date	Sailing Schedule	CNF （USD/mT）	Duty Paid (RBM/mT)	DCE (RBM/mT)	Import Margin
2020/3/2	Apr.2020	607.5	5101	5034	-67
2020/3/2	Jul.2020	610	5122	5154	32
2020/3/2	Aug.2020	612.5	5142	5154	12
2020/3/3	Apr.2020	602.5	5060	4970	-90
2020/3/3	Aug.2020	612.5	5142	5122	-20
2020/3/4	Apr.2020	610	5095	5052	-43
2020/3/4	May.2020	610	5095	5052	-43
2020/3/4	Jul.2020	620	5177	5228	51
2020/3/4	Aug.2020	620	5177	5228	51
2020/3/5	Apr.2020	660	5510	5200	-310
2020/3/5	May.2020	660	5510	5200	-310
2020/3/5	Aug.2020	660	5510	5342	-168
2020/3/6	Apr.2020	630	5277	5106	-171
2020/3/6	May.2020	630	5277	5106	-171
2020/3/6	Jun.2020	630	5277	5234	-43
2020/3/6	Jul.2020	637.5	5338	5234	-104
2020/3/6	Aug.2020	637.5	5338	5234	-104
2020/3/6	Sep.2020	637.5	5338	5234	-104

Date	Cargoes	Sailing Schedule	CNF （USD/mT）	Duty Paid (RBM/mT)	Qty. （0'000 mT）
2020/3/2	6	Mar	595	5015	24000
2020/3/2	6	Apr	598	5022	48000
2020/3/3	4	Apr	594	4989	24000
			603	5064	12000
			592	4969	12000
2020/3/4	3	Apr	595	4971	36000
2020/3/5	0
2020/3/6	0

Print Close