News

SEA: India's palm oil imports fell to 3-month low in January amid rising soybean oil prices

Palm Kernel Oil
India
Supply Chain Management
Market & Price Trends
Published Feb 13, 2024

Tridge summary

India's palm oil imports dropped by over 12% in January, hitting a three-month low due to negative crude palm oil refining margins. This has led refiners to switch to soybean oil, which saw a 23.7% increase in imports. The shift could lead to higher palm oil inventories in Indonesia and Malaysia, the top producers, and potentially put pressure on futures for base products. The trend of falling palm oil imports may continue in the coming months due to the negative refining margins.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

India's palm oil imports fell more than 12% in January from the previous month to a three-month low as negative crude palm oil refining margins prompted refiners to switch to rival soybean oil, a leading trade body said on Monday. Cutting purchases by the world's largest importer of vegetable oils could lead to higher palm oil inventories at leading producers Indonesia and Malaysia and put pressure on futures for base products. Palm oil imports fell about 12.4% in January from the previous month to 782,983 tonnes, the Mumbai-based Indian Solvents Association (SEA) said in a statement. Soybean oil imports rose 23.7% to 188,859 tons and sunflower oil imports fell about 15.6% to 220,079 tons as the oil rose in price due to higher freight rates following Houthi attacks on Red Sea ships, SEA said. Lower imports of palm and sunflower oils led to a decline in India's total vegetable oil imports by 8.4% to 1.20 million tonnes, it said. Negative palm oil refining margins compared with ...
Source: Oilworld
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