InfoSAWIT, SINGAPORE – Palm oil imports in India got escalated 12,4% in May to the previous month. It hit the highest level in the past four months. It happened for the price correction and encouraged to get more purchase, according to five dealers that Reuters interviewed.
As the biggest vegetable oil importer in the world, the increasing palm oil imports in India would support the future palm oil reference price in Malaysia, that had got cheaper to the lowest level in the past three months in May. According to the dealers, palm oil imports in India increased to be 769.000 metric tons, the highest numbers since January.
Managing Partner in vegetable oil and broker of GGN Research, Rajesh Patel said that the increasing imports happened for the higher margin that encouraged many traders to escalate processed palm oil purchase to be 214.000 tons from 124.228 tons in the previous month.
Crude palm oil (CPO) import was offered at US$ 948 per metric ton (including the cost, insurance, and transportation) in India for July 2024 delivery. For the comparison, soyoil and sunflower oil were offered at about US$ 1.028 and US$ 1.035 per ton.
As quoted from Reuters, two months ago, CPO was better than other vegetable oils. CEO Sunvin Group, Sandeep Bajoria said that palm oil imports would remain high even in June, about 750.000 tons in India.
Solvent Extractors' Association of India (SEA) would publish May imports in the midst of June 2024. Besides palm oil, sunflower oil in India got increased 74% in May from the previous month to be 408.000 tons because some ships should delay their departure in April and got to the ports in May. On the other hand, soyoil imports got decreased 16,5% to be 322.000 tons in the same month.
In a whole, the increasing palm oil and sunflower oil imports made vegetable oil imports in India got escalated 15% to be 1,5 million tons in May. India imported palm oil namely from Indonesia, Malaysia, and Thailand, while soyoil and sunflower oil were imported from Argentina, Brazil, Russia, and Ukraine. (T2)
