Here comes the sun flower oil
Sunflower and soybean oil imports into China growing rapidly
China is importing more sunflower and soybean oil as a substitutes for palm oil amid supply concerns and higher prices. Increased biodiesel consumption in SE Asia due to higher mandates, coupled with weaker production, has tightened the regional availability of palm oil. China’s soybean oil imports jumped 50% YoY to around 830kt in 2019, while sunflower oil imports surged 75% YoY to 1.2mil mt. Soybean oil shipments from South America to the Far East and sunflower oil from the Black Sea to Asia are two fast growing long haul vegoil routes for MRs.