China sharply reduced linseed oil imports in 2024

According to the General Administration of Customs of the People’s Republic of China, in 2024 China reduced its imports of linseed oil by 68%, reducing supplies to 7.7 thousand tons compared to 23.9 thousand tons in 2023. The cost of imports fell even more – to 7.2 million US dollars (-70% year-on-year). China last demonstrated such low volumes of purchases in 2010, which indicates significant changes in the country’s market priorities.

The main suppliers remain Russia and Kazakhstan. Russia provided 6.1 thousand tons (80% of total imports), but its supply volumes fell by 2.1 times. Kazakhstan exported 1.5 thousand tons (20% of the market), which is seven times less than in previous years. Other countries practically disappeared from the market, and their products were presented mainly in the premium segment.

Linseed oil prices also changed. The average price in 2024 was $939.8/t (-6% compared to 2023). Russia had the lowest average price – $876.3/t, in Kazakhstan it reached $902.0/t, and in other countries – over $1,423.9/t. In December 2024, the average value increased to $1,085.7/t, but this is still 24.9% less than in December 2023.

The reasons for this decline were the decrease in the production of linseed oil in Russia (from 33.4 thousand tons in 2023 to 14.3 thousand tons in 2024), the decrease in demand for this product in China and the reorientation of Chinese consumers to other types of vegetable oils – rapeseed, sunflower and soybean.

The prospects for the restoration of imports in 2025 remain uncertain. They will depend on the volume of production in Russia, the pricing policy for alternative types of oil and changes in consumer preferences in the Chinese market.

Tags: linseed oil, China