April 30, 2008

 

China set to import more palm oil on tighter soy oil supply

 

 

China will likely import more palm oil on global soy oil supply shortage largely caused by the Argentine farmers' strike, Hamburg-based oilseeds analysts Oil World said Tuesday.

 

China's growing import requirements have recently contributed to a heightened demand in the world market, which followed the disrupted soy trade from Argentina, the analyst said.

 

China raised Oct 2007/March 2008 soyoil imports by 53 percent on-year but palm oil imports rose only two percent, it said.

 

Oil World said that China's soy oil demand will likely slow down while palm oil imports will pick up around April to September 2008.

 

China is projected to import 6.15 million tonnes of palm oil in Oct 2007 - Sep 2008, up from 5.54 million tonnes in the same year-ago period.

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