China to resume soyoil imports from Argentina
Thursday, 14 October 2010
BEIJING, Oct 13 (Commodity Online): Unconfirmed reports said world's largest edible oil user China is all set to resume soyoil imports from Argentina, the world's largest supplier, after a six-month de facto ban.
Terming the ban as political rather than linked with pricing, sources said the lifting of the ban was seen by traders as a political gesture and large imports may not come in immediately because of unattractive prices and less supplies available from the South American supplier.
The move was more of a political gesture because there was little Argentine soyoil available to trade and ship to China. Argentina shipments normally tail off at the end of the year and prices are less attractive.
China effectively barred imports of the edible oil from Argentina at the end of March amid a wider trade dispute, restating quality standards that traders described as impossible to meet in practice.
Terming the ban as political rather than linked with pricing, sources said the lifting of the ban was seen by traders as a political gesture and large imports may not come in immediately because of unattractive prices and less supplies available from the South American supplier.
The move was more of a political gesture because there was little Argentine soyoil available to trade and ship to China. Argentina shipments normally tail off at the end of the year and prices are less attractive.
China effectively barred imports of the edible oil from Argentina at the end of March amid a wider trade dispute, restating quality standards that traders described as impossible to meet in practice.