March 25, 2008

Soy import prices in China's Jiangsu Port soar by 81 percent

China's soy import prices via Jiangsu ports increased by 81 percent on-year, to a new monthly high of US$561 per tonne.

The imports totaled 1.04 million tonnes, valued at US$580 million in the first two months of 2008, up by 29.9 percent and 130 percent year-on-year respectively.

The price hike was attributed to the significant gap between soy supply and demand, which caused shrinking domestic soy output.

China's insufficient supply was aggravated by the steadily expanding domestic demand for soy.