I. National stocks

Edible palm oil stocks in China continue falling this week, mainly due to less arrival of cargo ships and better trading. In the week ending Mar 12, edible palm oil stocks in China total 560,300 tonnes at nationwide ports, down 6.5% from 599,000 tonnes last week; down 35,800 tonnes or 6% from 596,100 tonnes in the previous month; down 286,300 tonnes or 33.8% from 846,600 tonnes in the corresponding period last year. In the same period in former years, palm oil inventories were 761,900 tonnes in 2019, 653,700 tonnes in 2018 and 567,000 tonnes in 2017. On an average from 2016-2020, palm oil stocks reached 677,900 tonnes. Additionally, industrial palm oil stock at domestic ports amounts to 117,700 tonnes, a growth of 2,500 tonnes or 2.2% versus 115,200 tonnes in the previous week. Edible palm oil stockpiles will potentially keep declining as palm oil imports in March have dropped.

II. Goods Arrivals

China’s palm oil imports in March are expected to be 400,000 tonnes (RBD palm olein 250,000 tonnes and industrial palm oil 150,000 tonnes). And China is projected to bring in 550,000 tonnes of palm oil (RBD palm olein 400,000 tonnes and industrial palm oil 150,000 tonnes) in April. Both are unchanged from the estimate in the previous week

III. Margins and Shipments