September 13, 2012

Pakistan purchases rapeseed from Australia, Black Sea region

In past weeks, Pakistan imported 33,000 tonnes rapeseed from Australia and an additional 19,000 tonnes from the Black Sea region.

The Australian rapeseed is for October shipment and was priced at US$690 a tonne c&f, European traders said Wednesday (Sep 12). The Black Sea purchase was for shipment between September 15-October 15, while the price was unclear but thought to be around US$695 a tonne c&f.

Pakistan is a major rapeseed importer with Australia, Canada and Europe the main competitors for the business.

The latest purchases means Pakistani importers have bought a total 206,500 tonnes of Australian rapeseed for shipment between August and October, dealers said.

A 62,000-tonne shipment arriving in Pakistan from Australia this week was bought at between US$680-685 a tonne c&f, they said.

A 55,000-tonne Australian consignment was bought at US$664 a tonne for September shipment and a further 56,500 tonnes was bought between US$678-689 a tonne c&f. Prices vary because of differing oil content of the rapeseed.

Pakistani importers have purchased about 737,000 tonnes of rapeseed this year, mostly from Australia and Canada. Pakistan's interest in the oilseed has been increased by current high prices of soy, traders said.