October 20, 2010

China purchases 70,000 tonnes of Argentine soyoil

China has bought at least 70,000 tonnes of Argentine soyoil after Beijing decided to unlock the imports ban that had resulted in a mounting-tension conflict.

The move came after China agreed to allow all products coming from Argentina to enter its ports, reported Oil World magazine.

China had lifted the imports ban due to concerns over skyrocketing domestic oil prices, while new purchases are on the verge of taking place, it said.

"We forecast Argentina will export 80,000 tonnes of soyoil to China in November and 100,000 in December," the magazine added.

Earlier this year, the Chinese central government restricted Argentine soyoil imports to the country in April. The move was in response to Argentina's anti-dumping investigations on Chinese goods ranging from steel pipes to textiles, according to a Chinese state-backed trade group.