Himfr.com, one of China's leading B2B search platforms with more than 30 B2B industry websites to its name, analyzes the cooking oil market.
With National Day and the Mid-Autumn Festival approaching, Himfr's analyst forecasts that the price of cooking oil will go down 20%. After Luhua cut their prices, Arawana and Fortune also issued price reduction notices for their cooking oil; the price cuts mainly apply to soybean oil, rapeseed oil, and blended oil, and the drops ranged from about 10 percent to 15 percent.
The analyst discovered that the wholesale price for a case of Luhua peanut oil is 308 RMB, a sharp drop of 36 RMB, or 10.47 percent, from the beginning of the month. Fortune peanut oil is down 25 RMB per case to 260 RMB per case, a decline of 8.7 percent. However, these are modest changes considering the market. The analyst pointed out that the main reason for the decline in the prices of cooking oil is that the costs of raw materials have also dropped sharply.
Although soybean oil prices are down these days, the costs of peanuts, soybeans and other raw material have not dropped. Cooking oil enterprises have cut prices mainly because of market competition. With two Chinese festivals drawing near, market competition has become more and more fierce, so businessmen have been paying more attention to the sales strategy of expanding market shares.
In order to further expand market shares, COFCO has introduced a high-end oil product, Fortune corn oil. Last year sales volume for COFCO, Fortune and other cooking oil brands was 5.3 million tons, a year-on-year increase of 23.2 percent; and sales were 6.5 billion Hong Kong dollars, a year-on-year increase of 56.6 percent.
In addition, summer is the off-season for cooking oil sales; enterprises will largely seek to reduce inventory. The volume of China's soybean imports will stay high, and these are the main reasons for the decline in the price of small-package cooking oil.
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