India's palm oil imports hit 3-month low in January as soybean oil supplies rise

RBD Palm Oil
Published Feb 6, 2024

Tridge summary

India's palm oil imports dropped to a three-month low in January due to negative crude palm oil refining margins, leading refiners to increase purchases of soybean oil instead. Palm oil imports decreased by 12% to 787,000 metric tons, and crude palm oil imports fell by 16% to 541,000 tonnes. Conversely, soybean oil imports saw a 24% increase to 190,000 tons. This shift resulted in a 9.2% decrease in India's total edible oil imports, bringing it down to 1.19 million tonnes.
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Original content

India's palm oil imports fell to a three-month low in January as refiners increased purchases of rival soybean oil due to negative crude palm oil (CPO) refining margins, five dealers told Reuters on Monday. Cutting purchases by the world's largest importer of vegetable oils could lead to higher palm oil inventories at top producers Indonesia and Malaysia and put pressure on futures. Palm oil imports fell 12% in January from the previous month to 787,000 metric tons, dealer estimates showed. Crude palm oil imports fell 16% to 541,000 tonnes last month, they said. Palm oil imports fell primarily due to a significant reduction in CPO purchases as refiners saw large negative margins compared to refined bleached deodorized palmolein (RBD), said Rajesh Patel, managing partner at edible oils trader and broker GGN Research. “Soybean oil imports increased as prices were highly competitive with palm products and refining margins were in positive territory,” he said. Soybean oil imports in ...
Source: Oilworld
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