National Bureau of Quality Inspection issued a notice on stricter supervision of vegoil imports

By CnAgri2012-07-11 13:30:27 Print

The National Bureau of Quality Inspection has recently issued a notice on stricter supervision of vegoil imports.

First, importation of vegoil below state criteria is prohibited. BOABC considers that palm oil imports may be affected, since food-grade palm oil is generally below the state standards concerning acid value. Imported palm oil as a kind of raw oil must be refined before sale. This may lead to a refining cost of RMB150/MT.

Second, imported raw soyoil must be stored in designated depots and refined by qualified companies before sale. BOABC considers that this rule has little impact on soyoil imports.

Third, the policy is effective on January 1, 2013. BOABC predicts that vegoil importers may increase raw vegoil imports in the second half of this year to build up a stock for next year.

From "China Oil and Oilseeds Market Weekly Report"