Castor farmers ink deal to export oil to China

Rajkot, Mar 28 | Updated: Mar 29 2007, 07:28am hrs
Castor producers in Gujarat could not have it better as they entered into agreements with China to export 7,500 tonne of castor oil in March.

According market sources, castor traders in Gujarat have struck a deal to export 4,500 tonne of castor oil at $ 1,010 per tonne, while another pact to export 3,000 tonne castor oil from the state fetched a rate of $1,050 per tonne.

Speaking to FE, Haribhai Patel, former president, Rajkot Castor Market, said, The deal for 4,500 tonne of castor oil was struck in the first fortnight of March, while February witnessed a deal for the export of 1,500 tonne and on Wednesday, exports orders for an additional 1,500 tonne castor oil were received.

The castor market has remained firm on the lines of sesame and groundnut market. Even after a 7,500 tonne export order, enquiries from China kept pouring in, he said, adding, This year China has witnessed lower production of tung oil, which is used for commercial purposes in lieu of castor oil.