India's palm oil prices set a record again last week

Published 2021년 10월 18일

Tridge summary

India, the world's largest vegetable oil importer, is reducing tariffs on imports due to rising oil prices and record palm oil prices. The government has lowered tariffs on crude palm, soybean, and sunflower oil from 2.5% to 0%, and on other palms from 32.5% to 17.5%. This decision was made after imposing restrictions on edible oil and oilseed stocks to prevent stockpiling and lower prices. The USDA has also reduced the forecast of global vegetable oil production in 2021/22 by 0.81 million tons to 214.55 million tons, due to reduced production of rapeseed, sunflower, and soybeans.

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Original content

India, the world's largest importer of vegetable oils, continues to fight rising oil prices and reduce tariffs on imports to almost zero, but palm oil prices have set a record again, rising after oil prices and declining world production of vegetable oils. For the fourth time since June, the Indian government has reduced tariffs on imports of vegetable oils. By the end of March 2022, the basic duty on imports of crude palm, soybean and sunflower oil has been reduced from 2.5% to 0%, and the duty on soybean edible oil, sunflower edible oil, refined bleached deodorized (RBD) palm oil, palm oil, palm oil palm stearin RBD and other palm oils, except crude, were reduced from 32.5% to 17.5%. The decision came after the country's authorities imposed restrictions on stocks of edible oils and oilseeds until the end of March on Sunday to avoid stockpiling and lower prices. The government has also stopped trading in mustard oil and oilseeds futures on the National Commodity Exchange (NCDEX). ...

Source: Graintrade