Rising prices slow down imports of palm oil by major consumers from India and China
Published 2022년 3월 4일
Tridge summary
Key points from the article:
- China and India, the world's largest buyers of palm oil, are slowing down their imports due to record-high prices.
- The price of crude palm oil in Malaysia has surged by 45% this year, largely due to labor shortages, export restrictions, and disruptions in sunflower oil supplies from the Black Sea region.
- India's stocks of cooking oil are sufficient for about 45 to 50 days, after which it plans to seek alternatives to sunflower oil but will limit its purchase of expensive palm oil.
- China's palm oil imports are expected to remain stable in 2022 at around 6.7 million tons.
- The type of palm products imported by China has shifted due to import and export duty differences, and this trend is expected to continue in 2022.
- Sudhakar Desai, President of the Indian Vegetable Oil Producers Association, predicts that palm oil prices in India will range from RM6,000 to RM7,500 per ton in the next three months and RM4,800 to RM5,500 per ton in the next six months.
- China and India, the world's largest buyers of palm oil, are slowing down their imports due to record-high prices.
- The price of crude palm oil in Malaysia has surged by 45% this year, largely due to labor shortages, export restrictions, and disruptions in sunflower oil supplies from the Black Sea region.
- India's stocks of cooking oil are sufficient for about 45 to 50 days, after which it plans to seek alternatives to sunflower oil but will limit its purchase of expensive palm oil.
- China's palm oil imports are expected to remain stable in 2022 at around 6.7 million tons.
- The type of palm products imported by China has shifted due to import and export duty differences, and this trend is expected to continue in 2022.
- Sudhakar Desai, President of the Indian Vegetable Oil Producers Association, predicts that palm oil prices in India will range from RM6,000 to RM7,500 per ton in the next three months and RM4,800 to RM5,500 per ton in the next six months.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
The world's largest buyers of palm oil, China and India, are slowing imports as prices soar to historic highs, oilworld.ru reports citing Reuters. The underlying price of crude palm oil in Malaysia has risen 45% this year, fueled by labor shortages, export restrictions by Indonesia's largest producer, and disruptions in supplies of sunflower oil from the Black Sea region. “We have passed the tipping point and now we are at the boiling point,” Sudhakar Desai, President of the Indian Vegetable Oil Producers Association (IVPA), told an industry webinar. According to Desai, the Ukrainian crisis caused panic in the market. India's stocks of cooking oil are covered for about 45 to 50 days, after which companies will find alternatives to sunflower oil, but their purchase of expensive palm oil will be "limited and cautious," he said. Soybean and mustard seed processing rates in India will increase to meet demand, Desai said, adding that "India is not going to build up stocks." He ...
Source: Oilworld
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