India likely to buy more soyoil in 2024, reduce palm oil purchases, top dealer says at KL conference

Published 2024년 3월 4일

Tridge summary

India, the world's largest importer of vegetable oil, is projected to increase its soyoil imports from 3.5 million tonnes in 2022/2023 to 4.3 million tonnes in 2023/2024, according to Sunvin Group's CEO, Sandeep Bajoria. Conversely, the country's palm oil imports are expected to decrease from 10 million tonnes to 9.2 million tonnes over the same period. This shift is due to the negative refining margins in palm oil compared to the positive margins in soyoil, and could potentially affect inventories in leading palm oil producers like Indonesia and Malaysia.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

KUALA LUMPUR (March 4): India, the world's biggest vegetable oil importer, is expected to buy larger volumes of soyoil in 2024, while purchases of palm oil are likely to decline, a top dealer said on Monday. Sandeep Bajoria, chief executive of Sunvin Group, a vegetable oil brokerage and consultancy firm, said India's soyoil imports will rise to 4.3 million metric tonnes in the 2023/2024 marketing year, from 3.5 million tonnes in 2022/2023. Palm oil imports will be lower at 9.2 million tonnes in 2023/2024, compared with 10 million tonnes in 2022/2023, Sandeep said on the sidelines of the Palm and Lauric Oils Price Outlook Conference 2024 here. Negative refining margins in palm oil versus positive margins in soyoil have prompted a switch from palm oil to soyoil in recent weeks, according to traders. Lower purchases of palm oil by India could keep inventories elevated in top producers Indonesia and Malaysia, and weigh on benchmark futures. Sandeep said India's imports of sunflower ...

Source: Theedgemarkets