India contracted 45,000 tonnes of Russian sunflower oil at a record price for shipments in April as cooking oil prices in the local market soared after shipments from rival Ukraine halted, five industry officials told Reuters.
Sunflower oil from Russia could help the world’s largest edible oil importer fill shortages at a time when vegetable oil availability is strained due to Indonesia’s decision to cut palm oil supplies and lower the soybean crop in South America.
“Since ship loading is not possible in Ukraine, buyers are trying to secure supplies from Russia,” said Pradeep Chowdhry, MD of Gemini Edibles & Fats, which has contracted 12,000 tons of Russian sunflower oil for April shipments.
Refiners bought crude sunflower oil at a record $2,150 a tonne, including costs, insurance and freight, for deliveries in April, compared with $1,630 before Russia invaded Ukraine, traders said. Buyers pay in dollars, a trader said.
