China’s palm oil imports will exceed one million tons from August to October

Imports of palm oil in China from August to October will exceed 1 million 80 thousand tons, according to China’s national grain and oil information center. The volume of purchases is due to the increase in profits from palm oil imports recently, against this background enterprises are increasing their purchases in foreign markets. Monitoring of ship schedules shows that the expected palm oil arrivals at Chinese ports from August to October will be 300,000 tons, 360,000 tons and 420,000 tons, respectively.

In August, domestic palm oil stocks rose to 590,000 tons, only 70,000 tons less than the same period last year. Currently, the procurement of October to December delivery schedules is still ongoing. Considering the continuous growth of palm oil production in Southeast Asia and temporary export pressure, China’s palm oil import profit is expected to improve, this will further contribute to the increase of domestic ship purchases. It is predicted that domestic palm oil supply will weaken in the fourth quarter, and the price range will fluctuate.

Earlier, it was reported that Malaysia has signed palm oil trade deals with China worth more than 230 million ringgit. It is possible that the total value of the contracts will increase in the coming years.

Tags: China, palm oil, imports