India’s January palm oil imports fall as sunflower oil buying rises
Refined Soybean Oil
Refined Sunflower Oil
RBD Palm Oil
India
Published Feb 16, 2023
Tridge summary
BENGALURU (Feb 15): India’s January palm oil imports fell 25% from December to their lowest in six months, as a narrowing discount to rival oils prompted refiners to increase purchases of soybean and sunflower oils, a trade body said on Wednesday. The reduction in palm oil imports by India, the world’s biggest importer of vegetable oils, could weigh on Malaysian palm oil prices but support soyoil and help Russia and Ukraine to bring down their sunoil stocks.
Original content
BENGALURU (Feb 15): India’s January palm oil imports fell 25% from December to their lowest in six months, as a narrowing discount to rival oils prompted refiners to increase purchases of soybean and sunflower oils, a trade body said on Wednesday. The reduction in palm oil imports by India, the world’s biggest importer of vegetable oils, could weigh on Malaysian palm oil prices but support soyoil and help Russia and Ukraine to bring down their sunoil stocks. India’s palm oil imports in January fell to 833,667 tonnes, the lowest since July 2022, Mumbai-based Solvent Extractors’ Association of India (SEA) said. Imports of soyoil gained 45% to 366,625 and sunflower oil imports jumped about 138% to a record 461,458 tonnes, the trade body said. Sunflower oil has been quite competitive for the past two- to three months, which is encouraging refiners to increase buying and reduce palm oil purchases, said one Mumbai-based dealer with a global trade house. “Russia, Ukraine, Romania and ...
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