Lang
China’s Ministry of Finance said it will reduce or cancel export tax rebates on a wide range of goods and other products starting December 1.
The affected goods include chemically modified animal, vegetable, or microbial oils and fats.
The announcement contributed to a sharp rise in US soybean oil prices, as the change appeared likely to include used cooking oil from China.
China’s shipments of used cooking oil to the United States and Europe for use in biofuel have challenged locally produced feedstocks such as soybean oil.
Chinese used cooking oil exports are usually classified under the customs category covering chemically modified animal, vegetable, or microbial oils and fats.
Export rebates for that category are set to be removed under the new change.