DATA from the General Administration of Customs showed that since July of this year, the rising price of imported soybean has pressured domestic cooking oil producers like Arawana, Luhua and Longevity Flower to want to raise the prices of their products as well.
Longevity Flower s owner, China Corn Oil Company Limited, announced it would raise prices in a notice publicized countrywide. Arawana and Luhua are also itching for hikes of a speculated 10 percent. Latest data from custom showed that in September, China imported 4.64 million tons of soybeans at an average price of US$449.7 per ton, 5.3 percent higher than the average price in July.
(SD-Agencies)
