India imports a record 150,000 MT soyoil from China

India has bought a record 150,000 metric tons of soyoil from China in rare purchases, as a supply glut prompted Chinese crushers to sell at a discount compared to India’s traditional suppliers from South America. Exports to India will help Chinese crushers cut inventories that surged after the country’s soybean imports hit a record peak in May, boosting processing and stockpiles while demand slowed. China is the world’s biggest importer of soybean. Indian importers bought the soyoil for shipment between September and December, with sellers offering a $15-20 a ton discount compared with South American supplies. Chinese crushers offered crude soyoil at around $1,140 per ton, including cost, insurance and freight (CIF), for shipments in the December quarter, compared with $1,160 from South America. Lower freight costs have given China the upper hand too, as per a report.

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