China Sept sugar imports highest since Dec, but down y/y

24.10.2016

China imported 500,000 tonnes of sugar in September, the highest since December and more than what analysts had expected the world’s top buyer to bring in, as customs cleared a backlog of shipments from previous months, data showed.

The monthly spike in arrivals reflected the pace of customs clearance rather than a pick up in buying, said analyst Zhan Xiao from Shanghai Buyun Investment Management, as evident from the continued drop in sugar imports from year-ago levels.

Imports last month fell 24 percent year on year, as the biggest rally in years in global prices hit purchases.

“The price for sugar on the international market has increased a lot, driving down the benefit of importing, so many have turned to domestic sugar,” said Tao Qiujun from Chaos Ternary Futures Co.

China imported 500,000 tonnes of sugar in September, the highest since December and more than what analysts had expected the world’s top buyer to bring in, as customs cleared a backlog of shipments from previous months, data showed on Friday.

The monthly spike in arrivals reflected the pace of customs clearance rather than a pick up in buying, said analyst Zhan Xiao from Shanghai Buyun Investment Management, as evident from the continued drop in sugar imports from year-ago levels.

Imports last month fell 24 percent year on year, as the biggest rally in years in global prices hit purchases.

“The price for sugar on the international market has increased a lot, driving down the benefit of importing, so many have turned to domestic sugar,” said Tao Qiujun from Chaos Ternary Futures Co.

A government probe into imports announced last month as well as Beijing’s plans to sell off some of its state reserves could also dampen overseas purchases in the coming months.


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