December 28, 2005

India sells 36,000 tonnes of soymeal to China

Indian traders have sold about 36,000 tonnes of soymeal to China for delivery in January and February at a price of between US$225 and US$230/tonne, cost, insurance and freight, a senior industry official said Tuesday.

In November, Chinese buyers had backed out of contracts for purchase of about 50,000 tonnes of Indian soymeal after decline in international prices.

"Chinese buyers had not rejected Indian shipments in November and only favoured renegotiations due to international price fluctuations. Recent deals show the problem relating to prices is no longer there," Agrawal said.

Indian traders sold around 250,000 tonnes of soymeal to China in October, of which, an estimated 100,000 tonnes has already been delivered.