News

India's March palm oil imports down to 10-month low as sunflower oil jumps

RBD Palm Oil
India
Market & Price Trends
Published Apr 12, 2024

Tridge summary

In March, India witnessed a significant shift in its edible oil imports, with palm oil imports dropping to a 10-month low of 485,354 metric tons due to higher prices, prompting refiners to turn to sunflower oil, which saw its imports surge by 50% to 445,723 tons, marking the second-highest record. This change is expected to help stabilize the rising prices of Malaysian palm oil futures. Additionally, soyoil imports increased by 26.4% from the previous month. The overall edible oil imports in India for March reached a six-month high at 1.149 million tons. India imports its palm oil mainly from Indonesia, Malaysia, and Thailand, while soyoil and sunflower oil are sourced from countries like Argentina, Brazil, Russia, and Ukraine, as reported by the Solvent Extractors' Association of India (SEA).
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

MUMBAI (April 12): India's palm oil imports in March plunged to their lowest level in 10 months, as higher prices prompted refiners to substitute palm oil with sunflower oil, resulting in sunflower oil imports reaching the second-highest on record, a leading trade body said. Lower palm oil purchases by India, the world's biggest importer of vegetable oils, could cap the rally in benchmark Malaysian palm oil futures that were trading near their highest in a year. Higher sunflower oil purchases will help to reduce sunflower oil inventories in the Black Sea region. Palm oil imports fell about 2.5% in March from the previous month to stand at 485,354 metric tons, the lowest since May 2023, the Solvent Extractors' Association of India (SEA) said in a statement on Thursday. Falling palm oil stocks in producing countries drove prices higher, prompting Indian buyers to switch from palm oil to sunflower oil, BV Mehta, an executive director of the SEA, told Reuters. Sunflower oil imports in ...
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