Malaysia: Palm oil imports to top buyer India surge on discount to rivals

Published 2022년 12월 14일

Tridge summary

India's palm oil imports in November rose by 29% from the previous month, reaching 1.14 million tonnes, as reported by the Solvent Extractors’ Association of India. This marks a doubling from the previous year and is attributed to significant discounts on soyoil and sunflower oil. Palm oil imports accounted for 75% of India's total vegetable oil imports in November, which increased by 10.6% to 1.55 million tonnes. The surge in imports is expected to help top producer Indonesia reduce its inventories and support palm oil prices, which have seen a substantial drop from record highs. However, palm oil imports typically decrease during winter due to the risk of solidification at lower temperatures.

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

Original content

MUMBAI/BENGALURU (Dec 14): Palm oil imports to India, the world’s biggest buyer, rose in November by 29% from the previous month, as steep discounts to rivals soyoil and sunflower oil made purchases lucrative for local refiners, a trade body said on Wednesday. Imports last month were 1.14 million tonnes, more than double from a year earlier, the Mumbai-based Solvent Extractors’ Association of India (SEA) said in a statement. Higher Indian imports would help top producer Indonesia cut its inventories and support benchmark Malaysian palm oil prices, which have nearly halved from this year’s record highs. Palm oil shipments for November were much cheaper than soyoil, which prompted refiners to switch to palm oil from soyoil, said a Mumbai-based dealer with a global trade house. For November shipments, buyers mostly placed orders in October, when palm oil was nearly US$500 per tonne cheaper than rival soyoil, as Indonesia was trying to reduce its stockpile, dealers said. India’s ...

Source: Theedgemarkets