Mumbai, 12 April (Commoditiescontrol):In the first week of March, rapemeal stocks carried by crushers in Chinese coastal areas reached 60,000 MT, a substantial increase. Although the stocks fell slightly in the following weeks, they rebounded to around 50,000 MT in the second week of April. This level is lower than the same period in 2021 but significantly higher than the figure in 2022, with a year-on-year increase of 33,000 MT or 190%. These figures suggest that domestic rapemeal supply has been abundant in China.
Customs data reveals that China imported 1.06 million MT of rapeseed in the first two months of 2023, indicating a sharp increase of 309% compared to the same period in 2022, when only 259,000 MT were imported. Furthermore, market statistics suggest that China has purchased 550,000-600,000 MT of rapeseed for shipment in March, 600,000 MT in April, and 400,000 MT in May. As a result, imports in the first five months of 2023 are estimated to reach 2.6 million MT, significantly higher than the volume of 584,100 MT imported during the same period in 2022.
The surplus supply of rapemeal in China is expected to continue, especially with large soy imports. The market focus, however, will be on the start of the aquaculture season in China since over 50% of rapemeal production goes to this sector. Therefore, the weaker market conditions are expected to persist for some time.
(By Commoditiescontrol Bureau; +91-9820130172)
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