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China is still not buying Argentine soyoil
06/05/2010 12:00
Chinese importers are still not buying Argentine soyoil almost a month after Beijing started imposing tough new quality standards, traders in Buenos Aires said last week.
There was talk in Chicago that China had bought Argentine soyoil, but the traders said no new sales had been registered and that Chinese importers were switching orders to Brazil.
"Previous sales are being carried out, that is all that is going on at the moment. We haven't heard of any new sales," said one trader.
Argentina is the world's No. 1 soyoil supplier and the row with China threatens a key source of hard currency. Officials have been trying to negotiate a solution, but wider trade tensions between the countries could complicate the talks.
The Argentine government slapped anti-dumping measures on Chinese manufactured goods to protect local industry at the height of the global slowdown and a leading Chinese commerce official threatened retaliatory moves last week.
China's new import standard says the solvent residues used for processing soyoil should not exceed 100 parts per million, or ppm. The solvent residue level in a few shipments of soyoil imported from Argentina exceeded 1,000 ppm, Beijing has said.
There was talk in Chicago that China had bought Argentine soyoil, but the traders said no new sales had been registered and that Chinese importers were switching orders to Brazil.
"Previous sales are being carried out, that is all that is going on at the moment. We haven't heard of any new sales," said one trader.
Argentina is the world's No. 1 soyoil supplier and the row with China threatens a key source of hard currency. Officials have been trying to negotiate a solution, but wider trade tensions between the countries could complicate the talks.
The Argentine government slapped anti-dumping measures on Chinese manufactured goods to protect local industry at the height of the global slowdown and a leading Chinese commerce official threatened retaliatory moves last week.
China's new import standard says the solvent residues used for processing soyoil should not exceed 100 parts per million, or ppm. The solvent residue level in a few shipments of soyoil imported from Argentina exceeded 1,000 ppm, Beijing has said.
May 3, 2010
Source: www.buenosairesherald.com
Source: www.buenosairesherald.com
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