Import price of soybeans rises
By Zhou Siyu | China Daily | Updated: 2011-02-15 07:50
BEIJING - China's import price for soybeans rose by 20.4 percent year-on-year in January, further adding pressure on the government's efforts to contain inflation, analysts said on Monday.
The import price of soybeans jumped to $558 a ton in January, while the import volume shrank by 5.3 percent month-on-month to 5.14 million tons, according to data from the General Administration of Customs.
"The high international price will force processing companies in China to turn to domestic soybeans, and that may, in turn, push up domestic prices," said Hu Bingchuan, researcher at the Rural Development Institute of the Chinese Academy of Social Sciences.
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