The latest customs data shows that in October 2025, China imported 140,000 tons of rapeseed oil and mustard oil, a decrease of 10.1% compared to the same period last year; From January to October 2025, China imported a total of 1.74 million tons of rapeseed oil and mustard oil, an increase of 18.7% compared to the same period last year.

The import volume in October decreased by 10.1% year-on-year, indicating a short-term supply contraction and providing slight support for spot prices. However, the cumulative import volume from January to October increased by 18.7% year-on-year, indicating sufficient supply in the medium term. In addition, futures data (such as the closing price of Zhengzhou Commodity Exchange contract 2605 at 9,426 RMB/ton, down 39 RMB) showed a continuous downward trend, and market sentiment was weak. Overall, it is evaluated as slightly bearish, and it is expected that spot prices may be under pressure, while futures price fluctuations will intensify.

The reduction in rapeseed oil imports may boost domestic pressing demand, which is favorable for rapeseed spot prices. The significant decrease in oil imports in October may indicate an increase in domestic raw material demand, but lacks direct futures data support, which is assessed as a slight bullish trend, and spot prices are expected to rise slightly.

The reduction in rapeseed oil imports may stimulate domestic crushing activities, increase the supply of rapeseed meal, and pose a negative impact on spot prices. Futures data (such as the closing price of Zhengzhou Commodity Exchange contract 2601 at 2,449 RMB/ton, down 38 RMB) shows a downward trend in prices, shrinking trading volume, increasing market supply pressure, and overall evaluation as generally bearish. It is expected that both spot and futures prices will face downward risks.

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