China tightens control over rapeseed oil imports from Russia and Kazakhstan
Chinese importers are reducing new purchase contracts for rapeseed oil from Russia and Kazakhstan amid increasingly complicated customs clearance procedures and heightened scrutiny over GM-related issues. Market participants report that buyers are taking a cautious, wait-and-see approach as regulatory risks grow.
As of February 26, according to Maksym Minenko, Business Development Director for China at Europack, the premium for crude rapeseed oil in East China stands at 350–550 yuan over the May futures contract. In Chengdu, premiums are around 500 yuan for May delivery.
The main reason behind the slowdown in contracting is stricter customs control and the reported detection of significant volumes of rapeseed oil from Russia and Kazakhstan that, according to the Chinese side, contain GMs. This increased regulatory attention is creating additional uncertainty for traders and importers.
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