Chinese stockpiler kicks off sunflower oil auctions amid high inflation

China’s state-owned stockpiler Sinograin has announced to auction its sunflower oil reserves as edible oil prices in the country remain at a record high level. 

This will be the first auction of sunflower oil reserves this year, and will take place this Friday. 

The state stockpiler is widening its pool of options to combat price inflation in the country as cash soybean and rapeseed oil prices remain at their record highs. 

According to data from the Ministry of Commerce, cash soybean oil price in the country averaged 13,760 yuan/ton ($2,039/ton) last week and that for rapeseed oil was 14,370 yuan/ton ($2,129/ton) last week. 

They were up 14% and 7% year on year respectively.