India to maintain strong demand for soybean oil

Published 2022년 1월 27일

Tridge summary

The global surge in palm oil prices, attributed to Indonesia's export restrictions, has forced India to heighten its imports of soybean and sunflower oils. Despite potential decreases in Argentine soybean oil supplies to India in January, it remains the primary source, supplemented by imports from Brazil, the USA, Paraguay, and Nepal. Meanwhile, India's sunflower oil imports have seen a significant uptick, with Ukraine emerging as the largest supplier in September-December 2021, despite India's efforts to diversify its sources in response to the geopolitical situation in the Black Sea region.

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Original content

The recent increase in prices in the world market for palm oil, driven by Indonesia's plans to limit the export of the product, has increased India's dependence on imports of soybean and sunflower oils. At the same time, according to the expectations of Oil World (Germany) experts, the volume of supplies of soybean oil from Argentina to India in January may decrease (compared to 249 thousand tons in December), although, in general, oil of Argentine origin will still occupy the main market share. In addition, Argentina may resume sunflower oil exports to India. In December, the main volumes of soybean oil were also supplied to India from Brazil (68 thousand tons), the USA (48 thousand tons), Paraguay (33 thousand tons) and Nepal (11 thousand tons). In general, in September-December 2021, the country increased its imports of the product to 1.7 million tons, which is more than 50% higher than in the same period of the previous year. As for the supply of sunflower oil to India, ...

Source: Oilworld