China’s Palm Oil Stocks and Arrivals Weekly (Week 14, 2020)

2020-04-08 www.cofeed.com

I. National stocks

As of this Friday (in the week ending April 3), edible palm oil stock totals 725,000 tonnes at domestic ports, down 9.3% from 799,200 tonnes a week earlier; down 173,200 tonnes or 19.3% from 898,200 tonnes the same period last month; down 36,900 tonnes or 4.8% from 761,900 tonnes the same period last year. Meanwhile, industrial palm oil stock at domestic ports totals 133,850 tonnes, down 4,250 tonnes or 3.1% from 138,100 tonnes last week.

It still sees less arrival of palm oil this week, and edible palm oil stocks decline further. Likewise, 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	W14	W13	Change	M-O-M	Y-O-Y	W14	W13	Change
Tianjin Port	7.1	8.91	-1.81	-31.20%	-54.20%	2.2	2.3	-0.1
Hebei	1	0.14	0.86	11.11%	150.00%	0	0.01	-0.01
Shandong Port	4	3.61	0.39	344.00%	3.35%	0.855	0.745	0.11
East China	23.15	26.1	-2.95	-30.60%	-7.40%	8.3	8.5	-0.2
Guangdong	30.27	33.03	-2.76	-9.96%	29.00%	1.86	2.01	-0.15
Guangxi	3.83	4.43	-0.6	50.20%	89.60%	0.17	0.245	-0.075
Fujian	3.15	3.7	-0.55	-33.70%	-47.90%	0	0	0
Total	72.5	79.92	-7.42	-19.30%	-4.80%	13.385	13.81	-0.425

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 April this week is 320,000 tonnes (RBD palm olein 200,000 tonnes and industrial palm oil 120,000 tonnes) and down 50,000 tonnes from last week; that for May is 320,000 tonnes (RBD palm olein 200,000 and industrial palm oil 120,000 tonnes) down by 50,000 tonnes from last week.

III. Margins and Shipments

Date	Sailing Schedule	CNF （USD/mT）	Duty Paid (CNY/mT)	DCE (CNY/mT)	Import Margin
2020/3/30	Apr.2020	610	5211	4990	-221
2020/3/30	May.2020	610	5211	4990	-221
2020/3/30	Oct.2020	587.5	5022	4922	-100
2020/4/1	Jul.2020	590	5039	4714	-325
2020/4/1	Sep.2020	590	5039	4714	-325
2020/4/1	Aug.2020	590	5039	4714	-325
2020/4/2	Jun.2020	595	5091	4760	-331
2020/4/2	Jul.2020	575	4922	4760	-162
2020/4/2	Sep.2020	575	4922	4760	-162
2020/4/2	Sep.2020	575	4922	4760	-162
2020/4/3	Jun.2020	590	5040	4660	-380

Date	Cargoes	Sailing Schedule	CNF （USD/mT）	Duty Paid (CNY/mT)	Qty. （0'000 mT）
2020/3/30	0
2020/3/31	0
2020/4/1	0
2020/4/2	0
2020/4/3	0

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