Top palm oil buyer India's February imports drop to an eight-month low
RBD Palm Oil
India
Published Mar 16, 2023
Tridge summary
MUMBAI (March 15): India's palm oil imports in February dropped 30% from January to their lowest in 8 months on weak demand amid build-up in stocks because of excessive imports during November-January, a leading trade body said on Wednesday (March 15). The reduction in palm oil imports by India, the world's biggest importer of vegetable oils, could weigh on Malaysian palm oil prices.
Original content
MUMBAI (March 15): India's palm oil imports in February dropped 30% from January to their lowest in eight months on weak demand amid build-up in stocks because of excessive imports during November-January, a leading trade body said on Wednesday (March 15). The reduction in palm oil imports by India, the world's biggest importer of vegetable oils, could weigh on Malaysian palm oil prices. India's palm oil imports fell to 586,007 tonnes last month, the lowest since June 2022, Mumbai-based Solvent Extractors' Association of India (SEA) said in a statement. The country's palm oil imports during November to January jumped 86% from a year ago because of lower prices even as demand was subdued due to winter months, said a Mumbai-based dealer with a global trade house. "Refiners are now giving preference to bringing down stocks. They have ample stocks to cover short-term demand," he said. Soyoil imports in February eased nearly 3% from January to 355,840 tonnes, while those of sunflower ...
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes.
To learn more about our cookies, please read our Privacy Policy.