China’s palm oil import costs have increased sharply

According to the National Data Center for Grain and Material Reserves, international CNF quotations and palm oil import prices in China rose significantly this week. On March 11, CNF import prices for 24-degree palm oil for March and April shipments were $1,187/tonne and $1,178/tonne, respectively, up $65-$81/tonne from the same period last week. This equates to a port tax of RMB 9,790/tonne and RMB 9,710/tonne in South China, up RMB 610-730/tonne from the same period last week.

This week, international CNF palm oil quotations rose significantly by USD 65-81 per tonne, leading to an increase in customs clearance costs at southern Chinese ports of RMB 610-730 per tonne. This significant price increase is driven by supply constraints or increased demand, which will directly boost domestic palm oil spot prices and create favorable support.

Tags: palm oil, imports, China