ReutersPalm oil imports increase by 21% to 5,50,000 tons in March
Palm oil imports increase by 21% to 5,50,000 tons in March
India’s palm oil imports rose 21% in March from the previous month as traders
moved to find alternatives to sunflower oil that are no longer available for purchase
Ukraine, four traders told Reuters.
A bad soybean oil harvest in South America has now been limited
India’s ability to rely on this cooking oil as a substitute for
Ukrainian sunflower oil.
Indian demand contributed to the palm oil price
by the futures contract, hitting an all-time record of 7,268 ringgit per tonne on March 9, although it did
has since fallen to 5,741 ringgit per tonne.
In March, 550,000 tons of palm oil landed in India, up to
from 454,794 tons in February, a Mumbai-based trader said
a global trading company.
Palm oil imports remain robust in April as well
Sunflower oil imports are likely to fall because of Russia
invasion of Ukraine, said Govindbhai Patel, executive director of
Trading Company GG Patel & Nikhil Research Co.
More than 90% of India’s imported sunflower oil typically
hails from Ukraine and Russia, mainly from Ukraine.
India imported 2,10,000 tons of sunflower oil in March, up
from 1,52,220 tons in February, helped by the arrival of a few
Ships that had left Ukraine before the war, Mr Patel said.
After shipments of Ukrainian sunflower oil stopped, Indian refiners have tried to import more from Russia and Argentina, said Sandeep Bajoria, chief executive of Sunvin Group, a vegetable oil brokerage and consultancy.
“But there are limitations. We can not do more than import
1,00,000 tons per month in the absence of Ukraine. The demand is there
for 2,00,000 tons,” said Mr. Bajoria.
India has signed a contract for 45,000 tons of Russian sunflowers
Oil at a record price for April deliveries as cooking oil
Prices in the local market have increased due to the hiring
of the Ukrainian supply.
The Solvent Extractors’ Association of India, a trade organization
based in the commercial capital of Mumbai, is expected to be released
March import figures in mid-April.
India imported about 3,10,000 tons of soybean oil in March, up 18%
fewer than in February, traders said.
India buys palm oil from top producers Indonesia and
Malaysia and soybean oil mainly from Argentina and Brazil.
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