China’s Palm Oil Stocks and Arrivals Weekly (Week 18, 2020)

2020-05-07 www.cofeed.com

I. National stocks

Palm oil stocks in China continue but significantly narrow the decline this week. In the week ending May 1, edible palm oil stock to totals 510,500 tonnes at domestic ports, down 3.39% from 528,400 tonnes a week earlier; down 214,500 tonnes or 29.6% from 725,000 tonnes the same period last month; down 268,000 tonnes or 34% from 778,500 tonnes the same period last year. Meanwhile, industrial palm oil stock at domestic ports totals 101,250 tonnes, down 500 tonnes or 0.5% from 101,750 tonnes last week. As importers start to purchase successively due to better import margins, the falls of edible palm oil stocks are likely to be limited in later period.

Region /Port	Edible Palm Oil Stocks（0'000 tonne）					Industrial Palm Oil Stocks
Region /Port	W18	W17	Change	M-O-M	Y-O-Y	W18	W17	Change
Tianjin Port	5.65	6.2	-0.55	-20.40%	-60.35%	1.9	3	-1.1
Hebei	0.3	0.34	-0.04	-70.00%	-40.00%	0.03	0.06	-0.03
Shandong Port	1.95	0.83	1.12	-51.20%	-62.86%	0.82	0.285	0.535
East China	16.65	19.4	-2.75	-28.08%	-40.26%	5.4	4.9	0.5
Guangdong	22.76	21.95	0.81	-24.80%	-0.50%	1.68	1.77	-0.09
Guangxi	1.39	2.57	-1.18	-63.70%	-50.90%	0.295	0.16	0.135
Fujian	2.35	2.35	0.8	-25.40%	-47.80%	0	0	0
Total	51.05	52.84	-1.79	-29.60%	-34.40%	10.125	10.175	-0.05

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 May this week is 370,000-390,000 tonnes (RBD palm olein 250,000-270,000 tonnes and industrial palm oil 120,000 tonnes) and up 50,000 tonnes from last week; that for June 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/tonne）	Duty Paid (CNY/tonne)	DCE (CNY/tonne)	Import Margin
4/27/2020	May, 2020	545	4654	4554	-100
4/27/2020	Jun, 2020	552.5	4717	4324	-393
4/28/2020	May, 2020	542.5	4638	4548	-90
4/28/2020	Jun, 2020	530	4533	4324	-209
4/28/2020	Oct, 2020	523.5	4478	4482	4
4/29/2020	Jun, 2020	542.5	4632	4346	-286
4/29/2020	Jul, 2020	530	4527	4346	-181
4/30/2020	May, 2020	545	4641	4520	-121
4/30/2020	Jun, 2020	547.5	4662	4462	-200
4/30/2020	Jul, 2020	528	4499	4462	-37
4/30/2020	Sep, 2020	530	4515	4462	-53
4/30/2020	Aug, 2020	530	4515	4462	-53

Date	Cargoes	Sailing Schedule	CNF （USD/tonne）	Duty Paid (CNY/tonne)	Qty. （0'000 tonne）
4/27/2020	7	May	535	4570	1.2
		Jun	530	4528	1.2
		Jul	515	4402	6
4/28/2020	2	May	531	4541	1.2
4/28/2020	2	Sep	508	4348	1.2
4/29/2020	0
4/30/2020	0

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