Corn Products China News 1001(Sample Issue) - Published by CCM International Ltd

Corn Products China News
Corn Products
Vol.3 Issue 1, 2010

Copyright © CCM International Limited

Corn Products China News
Vol. 3 Issue 1. 2010 Publication date: 20 January, 2010

CONTENTS
News in Berief
1 NDRC to release grain and oil reserve when necessary
1 Global Bio-chem witnesses poor performance
1 Riboflavin Plant of Guangji Pharmaceutical to launch
1 EU continues to impose anti-dumping tax on furfuryl alcohol
1 Miller Biotechnology launches 5,000t/a furfural plant

Supply & Demand
2 China imposes deposits on nucleotide imports
3 India: China’s largest citric acid export destination
4 Gloomy xylitol exports in 2009 Welcome to the January issue of Corn
Price Update
Products China News, specially published
5 Furfural price witnesses uptrend recently by CCM International.
7 Ex-factory prices of corn products in Jan. 2010
7 FOB corn price in Dalian Port from Feb. 2009 ~ Jan. 2010 With ultimate establishment of China-
8 Maltose syrup price rises in Jan. ASEAN Free Trade Zone (including such ten
Market & Company Dynamic members as Brunei, Indonesia, Malaysia,
9 COFCO develops whole-industry-chain strategy Singapore, Philippine, Thailand, Vietnam,
9 Anhui BBCA to see large profit rise in 2009 Laos, Myanmar and Cambodia ), zero tariff
10 China reduces fuel ethanol import tariffs to 5% for 90% products has been implemented
11 Baolingbao to enlarge erythritol capacity to 4,000t/a since Jan.1st, 2010, which is a double-
12 China Corn Oil gets listed in HK edged sword for Chinese corn processing
13 Henan Agric. becomes Henan Lianhua’s biggest stockholder industry, bringing in both opportunities
14 Nantong Jiuding obtains governmental funds for PLA expansion and challenges, with benefit more than
detriment.
Competitiveness
15 Corn-based edible alcohol price decreases
Export volume of Chinese corn processing
Corn Supply products such as alcohol, citric acid, MSG
16 Overview of Chinese corn exports in 2009
and VC will witness increase. For some
16 Chinese seed companies eye transgenic corn
products heavily depending on export to
Corn Products Use Monitoring US and EU, the zero tariffs will inevitably
18 “Vita Sugar” formally launched in China relieve their dependence.

Some corn processing products with
overcapacity may be shifted to ASEAN, since
New Report Announcement China has taken measures to curb excessive
expansion of some corn processing products
Production and Market of Stevia Sweeteners capacity since late 2009. Therefore, the
ultimate formation of China-ASEAN will
in China- 5th edition attract more Chinese investors to build
plants there.
Combines CCM’s 7-year expertise in stevia market research
Besides, Chinese imports of cassava, a raw
Give you an overview from stevia planting, material of fuel alcohol, will see increase,
stevia sweeteners to stevia consumption since ASEAN is the major planting area of
cassava, such as Thailand. As cassava is
Key analysis includes: a non-grain crop, increasing imports will
☆ Output & Distribution contribute a lot to Chinese grain safety, since
☆ Supply & Demand most fuel ethanol in China is made from
☆ Opportunities & Forecast
corn.
☆ Major producers etc.

To view the main content and sample pages here Increasingly intense competition will
stand out among Chinese corn processing
Please also keep close eyes at CCM’s coming report: enterprises.
Enzyme China Report
Xylose China Report

Contact us for more information at econtact@cnchemicals.com

Corn Products China News Vol. 3 Issue 1. 2010

Corn Products China News at a glance News in Berief
China has made its preliminary determination to impose deposits on
nucleotide food additives imported from Thailand and Indonesia since early
January.
NDRC to release grain and oil reserve
India might become the largest export destination of Chinese citric acid in when necessary
2009.

Chinese xylitol exports have been gloomy in 2009, due to the global weak
demand for xylitol caused by global economic crisis. N ational Development and Reform Committee (NDRC)
announced on 10th January 2010 that the grain and oil
reserve will be released if their prices rise sharply resulting from
Furfural price has seen uptrend in recent two months. transportation barrier caused by heavy snow and rain. According
Maltose syrup price keeps rising in Jan. 2010, thanks to climbing price of to NDRC, all local pricing departments should make efforts to
corn and sucrose. keep the adequate supply of vital goods, such as grain and oil, and
maintain their prices at a relatively stable level.
COFCO was working hard on developing its whole-industry-chain
strategy in 2009 and continues this strategy in 2010.

Anhui BBCA predicts that its total net profit in 2009 will soar by 340% Global Bio-chem witnesses poor
over 2008. performance
China reduces fuel alcohol import tariffs to 5% from previous 30% in
2010.

Baolingbao is planning to enlarge its erythritol capacity to 4,000t/a by
G lobal Bio-chem Technology Group Company Limited (Global
Bio-chem) is anticipated to see poor performance in 2009,
coinciding with its brothers Global Sweeteners Holdings Limited
mid 2010 from current 1,000t/a.
(Global Sweeteners), with reduced orders and price caused by
China Corn Oil got listed in Hong Kong in Dec. 2009, in order to raise global financial crisis. However, this situation has improved to
funds for its further development in the following three years. some extent, since prices of sucrose and corn starch have increased
Henan Agric. has become the biggest stockholder of Henan Lianhua in by 50% and 38% respectively.
mid Dec. 2009.

Nantong Jiuding received funds of USD1.4 million for its 20,000t/a PLA Riboflavin Plant of Guangji
project from NDRC in late December, 2009. Pharmaceutical to launch
Corn-based edible alcohol price has witnessed decrease since early Jan.
2010, pulled down by declined molasses-based edible alcohol price.

China has seen weak exports of corn during 2009.
H u b e i G u a n g j i P h a r m a c e u t i c a l C o . , L t d . ( G u a n g j i
Pharmaceutical) launched its riboflavin project with capacity
of 2,500 t/a on 19 Dec. 2009. This project is invested by Guangji
Chinese leading seed companies have more confidence in enlarging Pharmaceutical (Mengzhou) Co. Ltd., a subsidiary of Guangji
investments in transgenic corn industry as China has formally approved Pharmaceutical, which will enhance the competitiveness of
production and application safety certificate to phytase transgenic corn riboflavin for Guangji Pharmaceutical.
recently.

“Vita Sugar” has been formally launched in China since late 2009.
EU continues to impose anti-
Main companies mentioned in this issue dumping tax on furfuryl alcohol

E uropean Commission has reportedly decided to continue the
anti-dumping tax imposed on Chinese furfuryl alcohol until
10th December 2011, with tax rate ranging from €84 to €250 per
tonne.

Miller Biotechnology launches
5,000t/a furfural plant
O n 23 December 2009, Qingtongxia Miller Biotechnology Co.,
Ltd. (Miller Biotechnology) launched its 5,000 t/a furfural
plant in Qingtongxia City, Ningxia Province, which will consume
75,000 tonnes corn cobs per year and generate annual sales
revenue of USD6.6 million for Miller Biotechnology. The products
produced in this plant are mainly used in medical and chemical
industries.

CCM International Limited 1 www.cnchemicals.com
1


Supply & Demand

China imposes deposits on nucleotide imports

T he Ministry of Commerce of
China (MOFCOM), on Jan. 4th,
2010, announced its preliminary
nucleotide market shares left by
Thailand and Indonesia nucleotide
enterprises. Since Mar. 2009,
products can be exempted from the
deposits.
In the world, there are three largest
determination to impose deposits on nucleotide enterprises of Thailand nucleotide producers, including
nucleotide food additives, important and Indonesia have begun to largely South Korea CJ Group with capacity
flavor enhancer, imported from cut nucleotide exports to China due of 9,000t/a, Japan Ajinomoto Group
Thailand and Indonesia from Jan.5th, to the antidumping investigation. Co., Ltd. (Japan Ajinomoto) with
2010 . Star Lake thus could take up over capacity of 8,000t/a and Stake Lake.
50% of domestic total nucleotide
MOFCOM launched anti-dumping consumption in 2009. Actually, South Korea CJ Group and
investigations into the nucleotide food Japan Ajinomoto have encountered
additives originated from Thailand Star Lake used to suffer great pressure China’s anti-dumping investigations
and Indonesia on Mar. 24th, 2009 f r o m t h e l o w - p ri c e d n u c l e o t i d e twice. Stake Lake first applied for
and confirmed that the imported products imported from Thailand and antidumping investigation into South
products had caused great damages to Indonesia. To protect its own benefits, Korea CJ Group and Japan Ajinomoto
domestic sector. Star Lake applied for antidumping in 2005 and Stake Lake won the
investigation into imported nucleotide case. The result was that nucleotide
In the preliminary determination, in Feb. 2009. food additives from South Korea and
nucleotide food additives with Japan imported by South Korea CJ
deposits imposed include disodium At present, Star Lake is planning Group and Japan Ajinomoto was
5'-Inosinate (IMP) , disodium to expand its nucleotide capacity imposed deposits. After then, the two
5'-Guanylate(GMP) and disodium to improve competitiveness. For companies shifted their production
5'-Ribonucleotide (I+G). Actual example, the company will expand to Thailand and Indonesia to avoid
required deposits will be decided I+G capacity to 4,000t/a in Zhaoqing antidumping measures from China
according to the dumping margin of City, Guangdong Province, by and continued to dump the products
different producers (TABLE 1). utilizing the fund of USD70 million into China, which drove Stake Lake
raised from its non-publicly issued to apply for a second antidumping
Although the deposit is relatively 50 million shares, as demand for investigation.
low, it certainly will impair the I+G is thriving. It was estimated
price advantage of nucleotide from that domestic I+G demand was up Star Lake, a state-owned fermentation
Indonesia and Thailand to some to 11,000 tonnes in 2009 and will company established in 1992 in
extent and cut the exports, thus increase in 2010. However, total Guangdong Province of China, is
leaving some market shares to nucleotide capacity in China is only China’s leading nucleotide and
domestic enterprises. 9,000t/a in China currently. threonine producer.

After this anti-dumping measure is To cope with the antidumping Established in 2004, Liaocheng CJ,
carried out, Guangdong Zhaoqing Star measure, South Korea CJ Group, wholly owned by South Korea CJ
Lake Bioscience Co., Inc. (Star Lake), whose nucleotide food additives (a leading food company in South
domestic largest nucleotide producer sourced from Indonesia and Thailand Korea), is engaged in lysine and
with capacity of 6,000t/a, will be plants have been imposed deposits, nucleotide production, with the most
able to gain price advantage and has built a 3 ,000t/a nucleotide advanced fermentation technology in
become the biggest beneficiary, who production line in Liaocheng City, the world.
has endeavored to capture domestic Shandong Province in 2006, thus its

TABLE 1: Different deposit margins on Thailand and Indonesia nucleotide enterprises in China
Indonesia Thailand
Enterprises Deposit rate Enterprises Deposit rate
16.90% Ajinomoto Co., (Thailand) 6.50%
PT. Cheil Jedang Indonesia
Ltd.
PT. Kirin Miwon Foods 8.10% All Others 29.70%

All Others 29.70% - -

Source: MOFCOM



India: China’s largest citric acid export destination

I ndia has totally imported 48,814 tonnes
citric acid from China in the first eleven
months of 2009(FIGURE 1), which was
FIGURE 1: Major export destinations of Chinese citric acid, Jan. ~ Nov. 2009

60,000
probably China’s largest citric acid export
destination in 2009. 48,814
50,000
Though China Customs hasn’t released the
export data for Dec. 2009, it is sure that 40,000

(Unit: tonne)
India has witnessed large rise in import
28,139 28,030 25,069 24,101
volume of Chinese citric acid in 2009.
In 2008, India totally imported 31,966
30,000
tonnes citric acid from China, ranking the
fourth among all the export destinations of 20,000
Chinese citric acid (TABLE 2).
10,000
Before 2009, the US and some countries
of EU were major export destinations
of Chinese citric acid and their import 0
volume plummeted in 2008. The US just India Turkey Japan Holand Russia
imported 9,123 tonnes citric acid in the Federation
first eleven months of 2009, down 87%
year on year. EU and the US have levied
high anti-dumping duties on Chinese Source: China Customs
key citric acid producers respectively
since Jun. 2008 and Sep. 2008. This has been hit heavily by global financial crisis. Overcapacity of citric acid industry
impaired the price advantage of Chinese Besides, India, with the second largest in China has resulted in vicious price
products marketed in EU and US, leading population in the world, has seen increase war among producers in recent years,
to export volume decrease of Chinese citric in citric acid consumption in recent years. contributing to the low price to some
acid products. extent. The low price has led to repeated
China is the world’s largest citric acid anti-dumping investigation into domestic
After encountering anti-dumping duties producer, constituting around 60% of citric acid producers from many countries
imposed by EU and US, Chinese citric the world’s total output. Depending on in the last few years, such as Thailand,
acid producers have raised the exports in lower production cost than that of other South Africa, India, Egypt, Ukraine,
other countries like India and Turkey and countries, domestic producers export most etc. Among these countries, India and
developed some new markets in Africa of their citric acid. China in Jan.~Nov. South Africa withdrew the investigation
and South America in 2009, which is one 2009 totally exported citric acid of 596,614 at last but it is not sure whether India
of the reasons for the export increase to tonnes that accounted for over 80% of will continue to launch anti-dumping
India. China’s total output in 2009. investigation into Chinese citric acid in the
future.
Price advantage of Chinese citric acid, However, heavy dependence on export
especially in 2009, is another key reason of Chinese citric acid will do no good to Domestic citric acid price started to
for large export volume of Chinese citric the industry development in the long increase in late Dec. 2009, resulting from
acid to many countries. Average export run. In the near future, the government the intense domestic supply as demand
price of citric acid exported to India during might take measures to boost domestic for overseas citric acid has been constantly
Jan.~Nov. 2009 was about USD701/t, consumption and regulate domestic citric increasing. Monohydrate citric acid price
USD266/t lower than that in the same acid industry through limiting blind has been up to USD951/t in late Dec.
period of 2008. Although corn price capacity expansion like that in MSG or VC 2009, up USD146/t over previous month.
has maintained at a high level in 2009, industries. That might ultimately lead to Citric acid price will continue to increase
Chinese citric acid producers still cut the citric acid capacity concentration in some driven by current increasing price of corn
price to boost exports as their business has large-scale producers. and sulphuric acid.

TABLE 2: Top export destinations of Chinese citric acid, 2006~2008
Export
2008, tonne 2007, tonne 2006, tonne
destinations
US 71,739 67,603 64,189
Japan 35,748 30,588 28,296
Holland 34,215 42,627 23,571
India 31,966 34,465 26,072
Belgium 20,348 32,215 24,540
Source: China Custom


Gloomy xylitol exports in 2009
C hinese xylitol exports have been
gloomy in 2009, due to the global
weak demand for xylitol caused by global
FIGURE 2: Xylitol export volume and price in China, Jan. ~ Nov., 2009

2,000 2,900
economic crisis.
1,800 2,800
Both xylitol export volume and price 1,600
2,700
decreased during the first eleven months 1,400

(Unit: tonne)

(Unit: USD/t)
of 2009. According to statistics from 1,200 2,600
China Customs, China totally exported 1,000 2,500
15,293.07 tonnes xylitol in the first eleven 800 2,400
months of last year, down approximately
600
11% year on year. And xylitol export price 2,300
400
kept downtrend during the first eleven
200 2,200
months of 2009. Average export price of
xylitol in Nov. 2009 hit USD2,380/t, down 0 2,100
around 25% over the same period of 2008 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
(FIGURE 2).
Export volume Export price
The export volume drop is caused by
declined xylitol demand globally since early Source: China Customs
2009. FIGURE 3: Top ten export destinations of Chinese xylitol, Jan. ~ Nov., 2009

Xylitol as a low-energy sweetener is widely
4,500 4,219 3,500
used in chewing gums and health products.
With the public’s decreasing purchasing
4,000 3,000
power to consume such products in H1 3,500
2,500
(Uni t: tonne)

(Uni t: USD/t)
2009, xylitol demand thus decreased. 3,000 2,736
Though H2 2009 witnessed gradual 2,500 2,000
re b o u nd i n g l o b a l o v e r a l l e c o n o m i c
2,000 1,674 1,657 1,500
situation, xylitol demand still remained
unchanged. Actually, xylitol demand has 1,500
974 828 1,000
been quite stable in recent years. 1,000 720
448 290 500
500 264
The export price downtrend of xylitol
0 0
was mainly due to the depressed demand
for xylitol and vicious price competition US Japan South Turkey Denmark Italy Poland Holland Vietnam Thailand
among xylitol producers. Actually, xylitol Korea
has seen overcapacity in China since 2007, Export volume Export price
thus leading to intense competition. Some
xylitol producers initiated export price cut Source: China Customs
to capture market shares in 2009. FIGURE 4: Export regions of xylitol in China, Jan. ~ Nov., 2009

Apart from that, the government has raised
xylitol export tax rebate to 9% since Dec. Shijiazhuang 186
2008 from original 5%, which also resulted
in the decrease in xylitol export price. Tianjin 281

Additionally, decrease in raw material Qingdao 429
price also counts. In China, most corn cob s
are used in xylitol and furfural production. Anyang 1,193
Owing to low furfural price during Jan. ~
Oct. 2009 that caused its low operation Quzhou 4,663
rate, demand for corn cob declined and its
supply for xylitol production was abundant, Dezhou 8,215
facilitating xylitol price drop.
0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000
However, xylitol price has begun to rise (Unit: tonne)
since this January, mainly attributed to
the increasing corn cob price. At present, Source: China Customs



furfural industry is rebounding, which largely pushes up corn cob Currently, China has about eleven xylitol producers (TABLE 3),
demand. most of which are located in Shandong Province and Zhejiang
Province ( FIGURE 4).
China is the world’s largest xylitol producer, with over 50% of its
products exported to such oversea countries as US, Japan, South Though xylitol consumption in China has been increasing in
Korea and EU, etc. (FIGURE 3). The US is always the largest recent years as more and more people are aware of xylitol’s
export destination, with its xylitol import volume of 4,219 tonnes benefits in decayed tooth prevention, many xylitol producers
from China during Jan. ~Nov. 2009, down 9% year on year. prefer to export xylitol for higher profit
Japan is the second largest one, with total import volume of 2,735
tonnes, down 20% over the same period of 2008.

TABLE 3: Ke y xylitol producers in China, 2009

Producer Capacity’ 09, tonne Location
40,000
Futaste Pharmaceutical Co., Ltd. Dezhou City, Shandong Province
35,000
Shandong Longlive Bio-technology Co.,Ltd. Dezhou City, Shandong Province

20,000
Zhejiang Kaihua Huakang Pharmaceutical Co., Ltd. Quzhou City, Zhejiang Province
8,000
Shandong Gaomi Tongli Chemical Co., Ltd. Gaomi City, Shandong Province
103,000
Total -

Source: CCM International

Price Update
Furfural price witnesses uptrend recently
Domestic furfural price has witnessed FIGURE 5: Average price of furfural in North China, Oct. 2009~Jan. 2010
uptrend since early November 2009, which
stayed at a low price level in previous 10
1,300
months of 2009, boosted by price increase
1,245
of furfuralcohol and corn cob.
1,172
1,200
The price increase extent of furfural varies
1,113
in different areas. For instance, average
(Unit: USD/t)

1,077
price of furfural in North China, the key 1,100
furfural production area, has increased 1,025 1,025 1,025
1,000
to USD1, 245.06/t on Jan. 13th, 2010, up
1,000
21.43% over USD1, 025.34/t on Oct. 1st,
2009 (FIGURE 5).
962
900
The following two factors may contribute
to furfural price increase.
800
Firstly, rising furfuralcohol price is 1-Oct-09 14-Oct-09 27-Oct-09 9-Nov-09 22-Nov-09 5-Dec-09 18-Dec-0931-Dec-09 13-Jan-10
the key factor. In early October 2009,
furfuralcohol price has begun to rise.
On Jan. 13th, 2010, average price of
furfuralcohol in North China has increased
to USD1,457/t, up 42.15% over that on construction material, is the key factor of furfuralcohol is used to produce furan
Oct. 1st, 2009 (FIGURE 6). driving furfuralcohol price up. With brisk resin.
market of real estate in China currently, Secondly, rising price of corn cob (FIGURE
Active demand for furfuralcohol more than 50% furfural is used to 7), raw material of furfural, has increased
from furan resin, one main building produce furfuralcohol and around 85% production cost of furfural, pushing



furfural price up. At present, corn cob FIGURE 6: Furfuralcohol price in North China, Oct. 2009~Jan. 2010
price in North China has increased.
For instance, in Henan, the price has 1,500
increased to USD65.91/t on Jan. 13th,
2010, up 125% over that on Oct. 1st, 1,457
1,400
2009. Jilin and Ningxia also witnessed 1,392
price increase, with respective growth

(Unit: USD/t)
1,318
1,300
rate of 96.36% and 100%.
1,260
1,230
Although furfural price has been 1,200
increasing since early November 2009 1,172
1,143
domestically, insiders predict that it will 1,100
1,099
maintain the current level or slightly
1,025
increase in the near future, as Chinese 1,000
government has always been working 1-Oct-09 14-Oct-09 27-Oct-09 9-Nov-0922-Nov-09 5-Dec-09 18-Dec-0931-Dec-0913-Jan-10
hard on price control of house and
formulated related policies to control
the high price in late 2009, and the Source: CCM International
demand from furan resin may decline,
thus pulling down the furfuralalcohol FIGURE 7: Average price of corn cob in Hebei, Shandong and Ningxia,
and furfural price. Oct. 2009 ~ Jan. 2010

70

60

50
（Unit: USD/t）

40

30

20

10

0
1-Oct-09 14-Oct-09 27-Oct-09 9-Nov-09 22-Nov-09 5-Dec-09 18-Dec-09 31-Dec-09 13-Jan-10

Jilin Henan Ningxia




Ex-factory prices of corn products in Jan. 2010
Price in January 2010 Price in December 2009
Products (USD/t) (RMB/t) (USD/t) (RMB/t)
Corn starch (North China) 374 2,550 359 2,450
Corn starch (South China) 409 2,790 394 2,690
Ethanol (Industrial grade) 615 4,200 586 4,000
Ethanol (Food grade) 842 5,750 828 5,650
80% Maltose syrup 396 2,700 374 2,550
70% Sorbitol 549 3,750 535 3,650
Monohydrate citric acid 791 5,400 755 5,150
Oxidized starch(Food grade) 821 5,600 821 5,600
68% Xylitol (Liquid) 842 5,750 850 5,800
HFCS (Fructose: 42%) 396 2,700 381 2,600
HFCS (Fructose: 55%) 498 3,400 498 3,400
Crystal Isomaltitol 3,326 22,700 3,179 21,700
Maltodextrin 527 3,600 462 3,150

75% Maltitol (Liquid ) 784 5,350 777 5,300
Anhydrous glucose (Food grade) 718 4,900 703 4,800
Glucose Monohydrate 549 3,750 491 3,350
Itaconic acid 1,758 12,000 1,788 12,200
98.5% lysine 2,066 14,100 2,308 15,750


FOB corn price in Dalian Port from Feb. 2009 ~ Jan. 2010

270

260

250
(Unit: USD/t)

240

230

220

210
19-Feb 18-Mar 13-Apr 14-May 11-Jun 20-Jul 20-Aug 20-Sep 20-Oct 20-Nov 14-Dec 19-Jan
Corn price 222 240 239 238 242 250 253 259 252 258 262 270




Maltose syrup price rises in Jan.
D omestic maltose syrup price keeps
rising in Jan. 2010 (FIGURE 8),
pushed by increasing price of corn and
FIGURE 8: Ex-factory price of maltose syrup in China, Jul., 2009 ~ Jan., 2010

380
sucrose. Maltose syrup price is estimated
to maintain uptrend to this February with 360
Chinese New Year approaching.
340

(Unit: USD/t)
Current ex-factory price of 75% maltose
320
syrup is USD344/t, up 7% over last month,
and nearly 12% higher than that in Oct. 300
2009, quoted by Zhucheng Xingmao Corn
Developing Co., Ltd. (Zhucheng Xingmao), 280
China’s leading maltose syrup producer.
260
Maltose price reached the peak in Aug.
and Sep. 2009, mainly attributed to the 240
consumption peak season of maltose syrup Jan-09Feb-09Mar-09Apr-09May-09Jun-09Jul-09Aug-09Sep-09Oct-09Nov-09Dec-09Jan-10
during this period in China.

Price increase of maltose syrup is mainly Source: CCM International
attributed to following reasons.
FIGURE 9: Corn price in Shandong Province, Oct., 2009 ~ Jan., 2010
Firstly, increasing production cost results
in maltose syrup price up. Price of maltose 276
syrup, a corn deep processing product,
is always influenced by corn price. With 272
increased corn price caused by boosting
268
demand from feedstuff industry in
(Unit: USD/t)

Northeast China, corn price in Shangdong 264
slightly increased to USD272/t (FIGURE
9) in mid. Jan. 2009. In fact, most of 260
maltose syrup producers are located in
256
Shandong. Additionally, current intense
logistics and transportation barrier caused 252
by heavy snow have limited maltose
syrup producers to purchase corn from 248
Northeast China. As a result, they have to 2-Oct 12-Oct 22-Oct 1-Nov 11-Nov21-Nov 1-Dec 11-Dec 21-Dec31-Dec10-Jan20-Jan
purchase corn locally or in Hebei Province
with higher price, thus pushing up the
corn price. Source: CCM International

Secondly, pushed by increasing price FIGURE 10: Sucrose forward price in Beijing city, Oct., 2009 ~ Jan., 2010
of sucrose, price of maltose syrup as a
substitute of sucrose also increases . 840
820
Sucrose price has been up to USD812/
t on Jan. 15th, 2010, up 8% over early 805 802 808

Dec. 2009 (FIGURE 10). Besides, the 800
speculation of sucrose output reduction
(Unit: USD/t)

776
propelled many purchasers to increase
their purchasing volume, resulting in its 760
price uptrend. 729 732
720
Though China has released the stored 720
703 703
sucrose to control the excessively high
sucrose price in the market since Dec.
2009, the measure didn’t take much 680
effect. According to some insiders, it is 15-Oct 25-Oct 4-Nov 14-Nov 24-Nov 4-Dec 14-Dec 24-Dec 3-Jan 13-Jan
difficult for some enterprises to purchase
enough sucrose due to short supply . Source: www.ifeng.com



Thirdly, increasing demand for candy and biscuit drives will also rise.
maltose syrup demand up. With approaching of Chinese
New Year in mid Feb. 2010, demand for candy and biscuits In China, there are two large-scale maltose syrup
is increasing, which drives maltose syrup price up . producers, namely Zhucheng Xingmao and Qingyuan
Foodstuff Co., Ltd., both located in Shandong. Maltose
Maltose syrup price will continue increasing till February. syrup is widely used in food like candy, biscuit and
If sucrose price continues to go up, maltose syrup price beverage as sweetener in China.

Market & Company Dynamic
COFCO develops whole-industry-chain strategy

C OFCO was working hard on developing
its whole-industry-chain strategy in
2009 and will continue so in 2010. Under
China News 0907, P12).
As for starch sugar industry, COFCO
successfully purchased Rongshi
COFCO has become a senior sponsor of
Expo 2010 Shanghai since July 2009, in
this strategy, the company has experienced Biotechnology Biological Technology Co., order to promote its self-brand reputation.
reorganization and expansion in 2009. Ltd. (Rongshi) on Jul. 24th, 2009, which During the Expo 2010 Shanghai,
is one of the leading corn processing COFCO will freely support its self-brand
Mr. Ninggaoning, chairman of COFCO enterprises in Middle China with major products like “Fortune” of edible oil and
in 2009 put forward a strategy of whole- products of starch sugar, corn oil, etc. “Greatwine”.
industry-chain development on the basis
of its current businesses covering grain, Besides, developing self-brand and new In July, 2009, COFCO developed corn oil
oil and foodstuff, signifying COFCO will products is also parts of its whole-industry- with 13,000ppm phytosterol, and then
largely extend its industrial chain mainly chain strategy. COFCO firstly marketed its marketed it in many provinces of China.
in grain and oil, its core business. “Whole- self-brand juice drink “Lohas” in China in This new product has become a competitor
industry-chain” means that COFCO will 2009, which is mainly distributed in high- f or “Arowana” branded corn oil with
supervise the whole production process end beverage market. The raw material of 10,000ppm phytosterol of Yihai Kerry
from raw materials to end products so as “Lohas” was strictly controlled by COFCO Investment Co, Ltd. (Yihai Kerry).
to guarantee product quality. to ensure the quality of this self-developed
product. In 2010, COFCO will continue the whole-
COFCO has been dedicated to expand industry-chain strategy, and is expected to
and complete its industry chain. In order Additionally, COFCO in Aug. 2009 set get returns from the large investments in
to march into dairy industry, COFCO up a website for Business to Customer 2009. At present, COFCO is planning to
cooperated with HOPU Investment service, called “Wo Mai Wang” in Chinese. cooperate with Shaanxi Surea (Group) Co.,
Management Co., Ltd. to purchase 20% Customers can purchase almost all the Ltd., who is the leading grain processing
stake of China Mengniu Dairy Co. Ltd. products of COFCO conveniently through enterprise in Northwest China. This
(Mengniu), the leading dairy producer logging in the website. Besides, Mengniu’s cooperation will benefit COFCO to further
in China on Jul. 6th, 2009, with total dairy products have also been marketed in carry out its whole-industry-chain strategy
investment of USD1 billion (Corn Products this website since Jan. 2010. in Northwest China in the near future.

Anhui BBCA to see large profit rise in 2009
A nhui BBCA Biochemical Co., Ltd. (Anhui BBCA), China’s
leading biochemical enterprise, forecasts that its total net
profit in 2009 will reach USD35 million, up by 340% over 2008,
production in 2009 has been cut by 7.4% and 3.4% respectively
compared with that in 2008. Another reason for the production
cost decline is that the company mainly purchases corn from
thanks to decreased production cost of Anhui BBCA’s major North China and Huang-Huai area instead of Northeast China.
product s like fuel ethanol, lysine and citric acid, as well as rising Since the government purchased 40 million tonnes corn for
demand for fuel alcohol in 2009. storage in Northeast China from late 2008 to early 2009, corn
price in Northeast China had maintained high level but the price
Despite impacts from global economic crisis during 2009, Anhui was still relatively low in North China and Huang-Huai area.
BBCA still made great achievements, thanks to following several
factors. Secondly, Anhui BBCA successfully developed new market in
Asia with price advantage after its citric acid encountered anti-
Firstly, technology upgrade has largely cut down production cost. dumping duties from US and EU, which has offset the loss of a big
For example, grain consumption volume of lysine and citric acid cut in citric acid exports to these areas.



In addition, Anhui BBCA, as one of the national four major fuel Considering great achievements of Anhui BBCA in 2009,
alcohol suppliers, had enjoyed fuel ethanol sales volume up China Agri-Industries Holdings Limited (China Agric, a listed
about 1.6% in 2009. Domestic fuel alcohol consumption has company of COFCO in Hong Kong, mainly engaged in the food
largely risen in 2009, driven by the increased consumption of and processing industry) is likely to acquire Anhui BBCA in 2010.
car. In China, fuel alcohol is usually added to petrol with mixing Both China Agric and Anhui BBCA are subsidiaries of COFCO,
proportion of 90% for oil and 10% for fuel alcohol. In 2009, China and COFCO has given priority to China Agric for Anhui BBCA
issued related policies on boosting domestic car consumption acquisition. But China Agric. had no intention before as Anhui
to stimulate economic development against the backdrop of BBCA’s profitability was not so good in recent years.
worldwide gloomy economic situation.
Once Anhui BBCA is acquired by China Agric., Anhui BBCA will
Besides, Anhui BBCA can obtain subsidy of USD300/t for its fuel enjoy rapid development with the supports from China Agric.
alcohol production in 2009 from the government, though the
subsidy amount declined from the previous USD319/t. Anhui BBCA mainly produces corn-based fuel alcohol, lysine and
citric acid, with capacityof 440,000t/a, 45,000t/a and 180,000t/
a separately.

China reduces fuel alcohol import tariffs to 5%
I mport tariff of fuel alcohol in China has been reduced to 5%
from Jan. 1st, 2010, from previous 30%, according to the
promulgation by Tariff Commission of the State Council (TCSC)
Longing for entering Chinese fuel alcohol arket for a long time,
Brazil will be a main beneficiary from this tariff reduction, since it
is the largest fuel alcohol producer and exporter in the world, with
in late December 2009. output and export volume of 28.50 million tones and 3.0 million
tonnes respectively in 2009. Major export destinations of Brazil’s
This reduction is in accordance with the agreement made in 2001 fuel are the US, Venezuela and Nigeria, etc.
with China’s entry into WTO, and all the WTO members can enjoy
this tariff privilege. China has large market potential for fuel alcohol. According to the
plan of ‘Medium and Long-term Development Plan for Renewable
Insiders view that the tariff reduction will attract more foreign Energy’ made in June 2007, China has planned to increase fuel
producers to export fuel alcohol to China, which will bring alcohol consumption to 2.5 million tonnes by the end of 2010.
impacts on domestic immature fuel alcohol industry since However, there were only 10 provinces using fuel ethanol with
overseas producers have advantages in fuel alcohol production alcohol content of 10% in China in 2009, with total consumption
technology. Taking this into consideration, they also predict that volume of 1 million tonnes (PICTURE 1).
Chinese government may levy 5% excise tax on imported fuel
alcohol to protect domestic fuel alcohol industry in the future.

PICTURE 1: Distribution of fuel alcohol production and consumption in China




Baolingbao to enlarge erythritol capacity to 4,000t/a
B aolingbao is planning to enlarge its erythritol capacity to 4,000t/a by mid 2010 from the current 1,000t/a. The expansion plan has been
approved by major stockholders of Baolingbao during the company’s Third Extraordinary Shareholders' General Meeting for 2009 on
Dec. 24th, 2009.

The company expands the capacity mainly through technology upgrade on its original production line. At present, the project is undergoing
Environmental Impact Assessment . The construction is expected to begin in early 2010 and completed by mid 2010. After the launch of this
project, Baolingbao will become the second largest erythritol producer in China with total capacity of 4,000t/a (TABLE 4), and expects to
achieve sales revenue of USD17 million from the project. The erythritol produced in this plant will be mainly exported to Japan, South Korea,
EU, etc.
TABLE 4: Main erythritol producers in China, 2009~2010
Start time of
Company Capacity’ 09 Capacity’ 10
production
Zibo Zhongshi Green Biotech Co., Ltd. 4,500 4,500 2003

Shandong Baolingbao 1,000 4,000 2003
2,000 2,000 2008
Binzhou Sanyuan Biotechnology Co., Ltd.
Qingdao Langyatai (Group) Co., Ltd. 800 800 2007

Total 8,300 11,300 -


Baolingbao plans to totally invest USD12 from home and abroad is the main driver Sanyuan) built up a 2,000t/a erythritol
million in this project. It will upgrade its for Baolingbao to expand its erythritol production line in late 2008 and Dezhou
previous production technology of erythritol, capacity. As one of the most popular low- Fuyuan Biological Starch Co., Ltd. (Dezhou
and additionally purchase 358 sets of energy sweeteners in the world, more and Fuyuan) claimed to build 5,000t/a erythritol
advanced facilities such as fermenters and More people have become aware of its plant which is to be completed in May,
membrane filtration facilities. Meanwhile, benefits to the body in recent years, thus 2010.
0.5 hectare will be newly expanded to boosting demand for erythritol year by year.
build assorted workshops and supporting Baolingbao has witnessed relatively good In China, only three erythritol producers
facilities. sales performance for its erythritol during have achieved capacity of over 1,000t/a,
2006 ~ H1 2009 (FIGURE 11). which is quite different from some overseas
Baolingbao will adopt self-developed producers such as that from Japan, the US
technology of erythritol production in this The expansion plan will greatly enhance the and EU with over 10,000t/a capacity for
project. In 2003, the company used its overall competitiveness for Baolingbao in the single producer. Large-scale production has
own erythritol production technology in its long term. Baolingbao targets to become the enabled them to lower production cost. For
first 1,000t/a erythritol production line in world’s leading functional sugar producer. Chinese producers, cutting down production
Yucheng City, Shandong Province. It has Since late Aug. 2009 when Baolingbao got cost will be the most effective way to boost
upgraded this technology and has got the listed, it has publicly claimed its future erythritol industry development in China.
patent of the technology now. three projects, including a new 10,000t/a In addition, most Chinese people still know
oligofructose production line and 30,000t/a little about erythritol and its high price has
Thriving demand for erythritol both high-purity soluble dietary fiber production resulted in small consumption.
line, as well as
FIGURE 11: Erythritol output of Baolingbao, 2006~ H1 2009 expansion of current Erythritol is used in many areas, including
erythritol capacity to food industry, beverage industry, medicine
1,200 120.00% 4,000t/a. industry and cosmetics industry, etc, in the
991
US, EU and Japan currently. Food industry
1,000
100.00% However, Baolingbao is the biggest consumption filed, accounting
843
may face great for about 75% of the total erythritol
800
(Unit: tonne)

99.10% 80.00% competition from new consumption in the world. Application fields
525
600 84.30% entrants of erythritol. of erythritol is becoming wider and wider.
46.20% 60.00% As investigation
400 shows, another Baolingbao is one of the leading corn
52.50% 231
40.00% two enterprises processing enterprises in China, with
200
have begun to major production lines like 170,000t/a
0 20.00% build erythritol high fructose corn syrup (HFCS), 50,000t/
2006 2007 2008 H1 2009 plants since 2007. a isomaltooligosaccharide and 1,000t/a
Binzhou Sanyuan erythritol currently. In 2010, Baolingbao is
Output Operating rate
Biotechnology expecting to diversify its products structure
Co., Ltd. (Binzhou by developing more functional sugars.
Source: Baolingbao’ announcement



China Corn Oil gets listed in HK

C hina Corn Oil Co., Ltd. (China Corn Oil), Chinese leading
edible corn oil producer with capacity of 182,000t/a in
2008, successfully got listed in Hong Kong on Dec. 18th, 2009,
these measures will efficiently enhance the competitiveness of
China Corn Oil in China.

and expects to raise about USD58~73 million for further China Corn Oil is planning to enlarge corn oil sales areas
development in the following three years. by further covering 80% second-tier cities in China in the
following three years. Currently, China Corn Oil is selling corn
It is the second time for China Corn Oil to go public in the oil mainly in first-tier cities in China, with seven field offices,
market. China Corn Oil had been firstly listed in Paris’ Growth fifty-five agencies and thirty-three retail stores etc.
Enterprises Market (GEM) on Mar. 25th, 2008, but soon
withdrawn from it in H2 2008, mainly resulting from the China Corn Oil will continue to raise reputation of its brand
announcement of zero export tax rebate for Chinese corn oil in corn oil by varieties of promotions. Currently, China Corn Oil
Jul. 2008 (TABLE 5). The zero export tax rebate for Chinese owns self-brand corn oil called “Longevity Flower” brand, and
corn oil caused sharp decrease of Chinese corn oil exports since 15% of the total sales revenue of China Corn Oil is from product
Jul. 2008, and many domestic corn oil producers endeavored retail and wholesale. And China Corn Oil expects its “Longevity
to increase their corn oil sales volume in domestic market to Flower” branded corn oil to constitute 50% of total sales
offset the loss of depressed export situation, such as China revenue in the following three years.
Corn Oil (TABLE 6) and Shandong Xiwang Foodstuff Co., Ltd.
(Xiwang Foodstuff), etc. China Corn Oil is now expanding its total edible corn oil
capacity to 280,000t/a from current 182,000t/a. After
TABLE 5: Corn oil export tax rebate in China, 2004~2010
investigation, China Corn Oil has been building 100,000t/
Period Export tax rebate a edible corn oil production line currently, which may be
11.00% launched in 2010~2011. After the launch, After the launch,
Jan. 2004~Sep. 2006 China Corn Oil's leading position in Chinese corn oil market
13.00% will be further consolidated.
Oct. 2006~Jul. 2007
5.00% Besides, China Corn Oil also will continuously develop new
Aug. 2007~Jun. 2008
kinds of corn oil in the near future. In late 2009, China Corn
0.00%
Oil has successfully developed corn oil with 15,000ppm
Jul. 2008 till now
phytosterol, the third corn oil producer with high phytosterol in
Source: China Customs & State Administration of Taxation China, following COFCO and Yihai Kerry.

Actually, domestic demand for corn oil has been increasing In China, there are two large-scale corn oil producers namely
year by year in recent years. With awareness of corn oil’s China Corn Oil and Xiwang Foodstuff, both with corn oil
benefits to human health, demand for corn oil will continuously capacity of over 150,000t/a. Many insiders estimate that the
see uptrend in the near future. Particularly COFCO and Yihai listing of China Corn Oil in Hongkong will promote other key
Kerry Group Shanghai Plants (Yihai Kerry), both of whom corn oil enterprises to get listed in the future, such as Xiwang
developed corn oil with over 10,000ppm phytosterol in 2009, Foodstuff, and will also boost the whole corn oil industry in
are assiduously promoting corn oil in China, which attracts China.
more consumers’ focus on corn oil.
China Corn Oil, located in Zouping City, Shandong Province,
China Corn Oil getting listed in Hongkong is mainly driven by has achieved edible corn oil output approximately 65,500
bright prospect of corn oil industry in China. Actually, China tonnes and 76,600 tonnes respectively in 2007 and 2008.
Corn Oil has seen good performance in corn oil sales volume in TABLE 6: Sales revenue structure of China Corn Oil, 2006~2009
China in H1 2009, which is estimated to continuously increase
in H2 2009. In H1 2009, China Corn Oil has sold 68,000 Period Domestic Oversea
tonnes corn oil, accounting for 89% of the total capacity in 50.00% 50.00%
H1 2008. At present, China Corn Oil has seized around 30% 2006
market share of total corn oil consumption in China, and is 55.00% 45.00%
expecting to seize more market share in the future. 2007
70.00% 30.00%
2008
In the following three years, China Corn Oil will focus on
98.80% 1.20%
raising corn oil market share in domestic market by carrying H1 2009
out such favorable measures as enlarging sales areas, increasing
advertisements investment, expanding corn oil capacity, etc. All Source: CCM International



Henan Agric. becomes Henan Lianhua’s biggest stockholder

H enan Agric. Synthesis Exploitation Co., Ltd. (Henan Agric.)
purchased 5.08% stock of Henan Lianhua Monosodium
Glutamate Co., Ltd. (Henan Lianhua) from Henan Lotus
Currently, Henan Lianhua needs 200,000 tonnes glutamic acid
(GA) annually to produce MSG while it can only produce 100,000
tonnes GA and thus has to outsource the remaining 100,000
Gourmet Powder Group Co., Ltd. (Lotus Group), original biggest tonnes. The increasing price of GA in recent years and the high
stockholder of Henan Lianhua, in mid Dec. 2009, and became the dependence on raw material outsourcing have resulted in the
biggest stockholder of Henan Lianhua (TABLE 7). higher MSG production cost for Henan Lianhua. For other big
producers, like Meihua Group and Shandong Fufeng, they can
Henan Lianhua is one of the largest MSG producers in China with produce GA to satisfy their own needs.
total output of 220,000 tonnes in 2009. Its ‘Lianhua’ branded
MSG is well-known both at home and abroad. It is expected that a great fund will be injected by Henan Agric.
to relieve Henan Lianhua’s plight and speed up its development,
Henan Agric. is a wholly state-owned investment institution especially when the government is strengthening supervision
in China, with main function of guaranteeing sustainable and of MSG industry. The government will eliminate more
healthy development of the leading agricultural enterprises in backward capacities in 2010, aiming to reduce environmental
Henan. The stock purchase of Henan Agric. is actually supported pollution. Therefore, domestic MSG capacity will continue to be
by the government in order to accelerate development of Henan concentrated in several large-scale MSG producers, which can
Lianhua in the future. benefit Henan Lianhua’s development.

Henan Lianhua is domestic leading agricultural enterprise with After Henan Agric. acquires Henan Lianhua, Henan Lianhua has
7,000 staff. The company has witnessed low profitability in recent drawn great attention from many inventors because of the Henan
years, caused by fund shortage and debts disputes for its original Agric.’s participation and large increase of MSG price in recent
biggest shareholder, namely Lotus Group. three months (Corn Products China News 0912, P6).

In fact, the 5.08% stock of Henan Lianhua was sold through In 2010, as the biggest stockholder of Henan Lianhua, Henan
auction. Owing to heavy debts caused by establishment of too Agric. is expected to purchase more stocks of Henan Lianhua
many new projects, Lotus Group has continuously sold its stocks in 2010. Meanwhile, it will avoid foreign-owned enterprises’
in recent years, thus leading to its controlling stocks of Henan participation, as the government always shows great concerns for
Lianhua decreasing from 66.667% in 1998 to the current 5.59%. development of the national key industries.

Henan Lianhua’s production cost of monosodium glutamate Henan Agric. has promised that it will not change Henan
(MSG) is higher than that of other MSG producers in China, Lianhua’s current key businesses, or sell related assets and
like Meihua Biotechnology Group Co., Ltd. (Meihua Group) and reorganize with other enterprises during 2010.
Shandong Fufeng Group Co., Ltd. (Shandong Fufeng).

TABLE 7: Stockholding situation of Henan Lianhua’s top three stockholders, 2009

Stockholder Before middle December After middle December

6.82% 11.90%
Henan Agric.

7.37% 7.37%
Tianan Scie. & Tech. Co., Ltd.

11.03% 5.59%
Lotus Group

Source: Notice of Henan Lianhua



Nantong Jiuding obtains governmental funds for PLA expansion

N antong Jiuding Biological Engineering Co.,
Ltd. (Nantong Jiuding) has successfully
obtained funds of USD1.4 million for its 20,000t/
Chinese PLA industry is expected to develop rapidly
in 2010, as China is intensifying supports for PLA
industry. PLA, as a kind of important biodegradable
a PLA project from National Development and material which can substitute oil-based material,
Reform Commission on Dec. 24th, 2009, signifying is now drawing increasing attention from the
that China is intensifying supports for PLA industry. government and invertors, particularly at a time
when China targets a low-carbon economy in 2010.
The capital received by Nantong Jiuding comes
from the special fund for high-tech industrialization Bright future prospects of PLA have attracted many
of bio-material engineering from the government. inventors to enter PLA industry in recent years.
Early in late 2007, China has announced to Besides Nantong Jiuding, it is reported that COFCO
support high-tech industrialization of bio-material is joining hands with China Petrolem Chemical
engineering. In May, 2009, Nantong Jiuding’s Corporation to build a 5,000~10,000t/a PLA plant
20,000t/a PLA project, with investment of USD19 in Yushu County, Jilin Province currently, and
million, was listed by the State as a demonstration expects to launch the plant in late 2010.
project for high-tech industrialization of bio-
material engineering. PLA produced in this new However, Chinese PLA industry still encounters
plant is mainly for export. some problems currently.

Nantong Jiuding’s breakthrough into PLA Firstly, despite of constant encouragement of
production technology is a key reason for the PLA application, China hasn’t released detailed
company receiving fund supports from the policies to promote PLA application in China. In
government. many developed countries like Japan and EU, PLA
application is compulsory in many fields, while it is
Backward technology hampers PLA development in not in China.
China, thus the government has been encouraging
PLA production technology upgrade. At present, Secondly, high cost of PLA also impedes the
Nantong Jiuding’s self-developed PLA production industry development in China. Though PLA is one
technology has reached national-leading level and kind of biodegradable and environmentally friendly
has been granted five national patents. With this material, its price would be almost twice higher
technology, the company can produce high-quality than that of oil-based similar materials when crude
PLA and has relieved requirements on purity of oil price is lower than USD80~90/barrel.
polymeric monomers, thus reducing needed time
for polymerization and simplifying production In China, there is only one PLA producer that has
process. achieved the industrialization, namely Zhejiang
Hisun Group Co., Ltd. with total capacity of 5,000t/
Meanwhile, this technology is suitable to be applied a. And currently, there are two producers engaged
in PLA industrialization. As tested, quality of PLA in the pilot production, namely Nantong Jiuding
adopting this technology has reached the same level (1,000t/a pilot production) and Shanghai Tong-jie-
as US-based NatureWorks LLC (the world’s largest liang Biomaterials CO., Ltd. (Shanghai Tong-jie-
PLA producer)’s similar products. liang, 300t/a pilot production). Production scale
of Chinese PLA industry largely differs from that
At present, Nantong Jiuding is accelerating of oversea countries where there are many PLA
construction of its 20,000t/a PLA project under producers with capacity of over 10,000t/a. PLA
the governmental fund supports, and expecting to application is common in Japan, the US and EU etc.
complete this project in H2 2010. Actually, Nantong
Jiuding started to build the project in 2007 and Nantong Jiuding, located in Rugao City, Jiangsu
initiated a 1,000t/a pilot production line in 2008. Province, and established and funded by Jiangsu
Nantong Jiuding mainly produces varieties of grade Jiuding Group in 2005, is a high-tech enterprise
PLA as injection molding grade, blown grade and engaged in R&D, production and marketing of PLA.
fibre grade. Most of the company’s output will be
exported to overseas countries like Japan.


Corn Products China News 1001(Sample Issue) - Published by CCM International Ltd

Corn Products China News 1001(Sample Issue) - Published by CCM International Ltd

Recomendados

Recomendados

Mais conteúdo relacionado

Mais de CCM Intelligence

Mais de CCM Intelligence (20)

Último

Último (20)

Corn Products China News 1001(Sample Issue) - Published by CCM International Ltd