Argentina's influential chamber of soy oil manufacturers and exporters on Sunday improved an offer to striking workers, seeking to end a more than two-week standoff that has bogged down exports from one of the world's main breadbaskets.
Iran is likely to import over 100.000 tons of soy-oil from Argentina in October-December 2012 as Iran's purchasing of soy beans, soy-oil and soy-meal is recovering from the impact of sanctions, Hamburg-based oilseeds analysts Oil World said on Tuesday.
China is far from normalizing soy-oil purchases in Argentina since it has not placed new orders according to the Argentina Cooking Oil Industry Chamber, CIARA. However the industry has managed to diversify markets.
Imports restrictions imposed this week by the Argentine government with the purpose of “preserving the re-industrialization process” cover approximately 200 products totalling annual imports of a billion US dollars, according to preliminary reports.
China’s two largest state-owned grains and oilseeds trading companies to import soybean oil from Argentina, easing restrictions imposed in April. Beijing-based Cofco Ltd., China’s biggest grain trader, and China Grain Reserves Corp. have been cleared by the commerce ministry to import soybean oil from Argentina.
As China is gaining ever wider economic influence, Argentina runs the risk of losing the opportunity to benefit from the trend by keeping discriminatory measures against Chinese products, an Argentine expert warned.
India could become the main buyer of Argentine soybean oil according to Industry Minister Deborah Giorgi. The official made the announcement following a meeting on Monday with Indian in Buenos Aires Rengaraj Viswanathan.
In spite of the ongoing dispute with China over the soy-oil import ban, Argentina this week imposed antidumping measures in the form of ad valorem rights on multi-processors originated in China and Brazil.
Talks between China, the world's biggest user of cooking oils, and Argentina regarding Beijing’s ban on imports of soybean oil from Argentina are on course although the country is moving to alternative markets said President Cristina Fernandez de Kirchner.
Argentine Ambassador to China, César Mayoral announced in Beijing that the soybean oil conflict with Beijing that has been ongoing since the beginning of the year “will be solved in the short term.”