On-the-Ground Update

Crude Sunflower Oil Prices Dropped in Turkiye in February Due to Low Demand

Published Feb 24, 2023
The price of crude sunflower oil in Turkiye fell below USD 1100/MT due to low demand and Ukrainian producers wanting to sell the oil as soon as possible. According to the importers, sunflower oil prices decreased by more than USD 150/MT in one month in the international market from USD 1230-1250/MT to Mersin port in January to USD 1070/MT in February. As there is less demand from Turkish buyers, prices have been automatically lowered by Ukrainian sellers. Sunflower oil is loaded from Western Ukraine and transported via the Izmail and Reni channel on the Danube river. The number of countries to which the sunflower oil-carrying ships can go is limited as the ship sizes are small. As a result, Turkey becomes a major buyer. Apart from that, competition from alternative soybean oil crops has now emerged in South America and is entering the market together with palm oil, which is also present in the market. In many countries, the expectation is that the oil demand will decrease due to the economic contraction further pushing down the prices.
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