India’s January palm oil imports fall as sunflower oil buying rises

Published Feb 15, 2023

Tridge summary

India's palm oil imports in January dropped 25% from December, reaching their lowest level in six months at 833,667 tonnes, as reported by the Solvent Extractors’ Association of India (SEA) in Bengaluru. This decline is attributed to refiners' shift to soybean and sunflower oils, driven by their lower costs and increased availability. Total vegetable oil imports in January rose by 6% to 1.66 million tonnes. The country's first quarter vegetable oil imports for the 2022/2023 marketing year saw a 30% increase year-over-year, reaching a record 4.7 million tonnes.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

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 ...

Source: Theedgemarkets