Due to the competition of Ukrainian and Russian exporters, sunflower oil has become cheaper than other oils

Competition between Ukraine and Russia on the sunflower oil market has led to a decrease in the price of this product. Prices for it on the world market are lower than for palm and soy oils. This situation enabled India to buy a record amount of sunflower oil for delivery in July — 500,000 tons. This was told by two leading Indian buyers and a customs official. “A few weeks ago, crude sunflower oil was available in India at $940 per tonne, including cost, insurance and freight (CIF), for delivery in June, while soybean and palm oil were offered at around $1,015 and $950 per tonne, respectively, according to dealers,” the message reads. According to one of the buyers, Ukraine, Russia and Argentina competed aggressively in the market and offered sunflower oil at a lower price than other oils. The buyer even reduced the volume of purchases of other oils in favor of sunflower. According to a market participant, the Indian industry will need some time to process ...