Chinese 2004/2005 soyaoil imports are likely to slump to two million tonnes from 2.6 million the previous year, due to larger soya imports, a deputy director at a leading state grain think-tank said on Friday.
Cao Zhi from the China National Grain and Oil Information Centre, told a soya conference the country's higher rapeseed and peanut output and uncertainties over China's new rules on crude soyaoil imports were also behind the likely drop.
The 2004/2005 marketing year started on October 1. Yet he said it was still unclear how the new standard, which took effect on October 1, would affect soyaoil imports.
The new standard requires those crude soyaoil meet similar quality standards as refined oil.
While the standard has caused no difficulties so far in discharging soyaoil cargoes in China, many traders worried it could lead to trade disruptions and they had stocked up crude soyaoil ahead of October.
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