Vegetable Oil Imports Grew YoY, Inventories Remained High, Price May Keep Falling

By CnAgri2017-04-01 10:29:38 Print

In February 2017, China's vegetable oil direct imports recorded 450,000 tons, down 200,000 tons from the previous month, up 13% year on year; oilseed imports (the equal quantity of oil) was 1.22 million tons, down 320,000 tons from the previous month, up 21% year on year; vegetable oil imports totaled 1.67 million tons in February, down 530,000 tons from the previous month, up 19% year on year.

From January to February, vegetable oil imports totaled 3.87 million tons, up 26% year on year including 1.1 million tons of direct imports of vegetable oil, oilseed imports (the equal quantity of oil) was 2.77 million tons.

As vegetable oil imports increased significantly, domestic vegetable oil inventories remained at a high level including 570,000 tons palm oil and more than 1.2 million tons of soybean oil in the major ports. The rapeseed oil that had been auctioned in earlier period also flew into the market but the terminal demand remained sluggish, the pressure of oversupply continued to increase, vegetable oil price is expected to decrease continuously in the near future.