China's July soyabean imports surged 30 percent to their highest level on records back to 2010, according to Reuters calculations based on customs data, as ports in the world's top oilseed consumer rushed to clear a months-long backlog of cargoes. July imports hit 10.08 million tonnes, topping the earlier highest level set in May at 9.59 million tonnes, and were up 31 percent from 7.69 million tonnes in June.
Crushers had delayed discharging bulk carriers in June due to high stocks and a change in taxes. China brought in 54.89 million tonnes from January to July, up 16.8 percent from the same period last year, data from the General Administration of Customs also showed on Tuesday.
"Large volume of imports in July were mainly due to the change in taxes and delayed arrivals from the month before," said Tian Hao, a senior analyst with First Futures. The surge in arrivals will raise concerns among major exporters, such as Brazil and the United States, about a glut, which could hurt demand from loss-making Chinese crushers over the next few months.
The big shipments have already put pressure on crush margins in China, which turned negative in February. Margins bounced to a profit briefly in July before returning to the red. Crushers in Shandong, a major production hub in the country, currently lose about 38 yuan ($5.67) for every tonne of soyabeans they process.
In June, the losses were at their highest in three years. Major Chinese soyabean buyers have also been forced to resell more than 500,000 tonnes of product in recent weeks, amid growing concerns about negative margins and congestion at Shandong province's major port of Rizhao.