India's palm oil imports in February 2023 fell to 8-month low
RBD Palm Oil
India
Published Mar 22, 2023
Tridge summary
The reduction in palm oil imports by India, the world's largest importer of vegetable oils, may affect the price of Malaysian palm oil FCPOc3. Last month, India's palm oil imports fell to 586,000 tonnes, the lowest level since June 2022, according to an average estimate from five dealers. Rajesh Patel, managing partner at GGN Research, said the country's palm oil imports from October 2022 to January 2023 were strong, but weak demand forced refiners to cut purchases for the month of February 2023. According to dealers, in February, soybean oil imports fell 7.3% from January to 340,000 tons, while sunflower oil plummeted by 67% to 150,000 tons compared to a record high import level in January.
Original content
The reduction in palm oil imports by India, the world's largest importer of vegetable oils, may affect the price of Malaysian palm oil FCPOc3. Last month, India's palm oil imports fell to 586,000 tonnes, the lowest level since June 2022, according to an average estimate from five dealers. Rajesh Patel, managing partner at GGN Research, said the country's palm oil imports from October 2022 to January 2023 were strong, but weak demand forced refiners to cut purchases for the month. February 2023. According to dealers, in February, soybean oil imports fell 7.3% from January to 340,000 tons, while sunflower oil plummeted by 67% to 150,000 tons compared to a record high import level. in January. India imports palm oil mainly from Indonesia, Malaysia and Thailand; imports soybean oil and sunflower oil from Argentina, Brazil, Russia and Ukraine. Palm oil struggled to compete last month, when soybean and sunflower oil discounts fell to around $200 a tonne from around $200 a tonne, ...
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