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Palm Oil Imports in India Got escalated 3% in June: The Highest Ones in the Past Semester

Doc. InfoSAWIT
Palm Oil Imports in India Got escalated 3% in June: The Highest Ones in the Past Semester

InfoSAWIT, KUALA LUMPUR – Palm oil imports in India got escalated 3% in June to the previous month. It hit the highest level in the past semester. The increasing imports happened for the increasing demands from many distillers to prepare the next festivals and kernel oil that got cheaper than other competitors. Five traders mentioned this information to Reuters.

As the biggest vegetable oil importer in the world, India significantly escalated palm oil import. This would potentially support palm oil price to get better in Malaysia Derivatives Exchange that was traded to their highest level for more than two months. according to the traders, palm oil imports in June got escalated to be 788.000 metric tons, the highest ones since December 2023.

"They buyers wanted to anticipated the demands from the next festival season. Besides, palm oil was traded hardly at $ 80 per ton or cheaper than other vegetable oils. This made it more interesting,” CEO Sunvin Group, Sandeep Bajoria said, as InfoSAWIT quoted from Retail.com, Thursday (4/7/2024).

Bajoria continued, palm oil imports could increase up to 850.000 tons in July 2024. Crude palm oil (CPO) is offered at $ 985 per metric ton, including the insurance, and delivery (CIF) in August 2024 in India. Meanwhile, soyoil and sunflower oil were offered at about $ 1.065 dan $ 1.050 per ton, according to the traders.

Besides palm oil, sunflower oil in India got increased 14% to the previous month, it hit the record up to 467.000 tons. "Sunflower imports could be more than 500.000 tons in June but some tankers could not pull over by the port before the end of June,” Rajesh Patel, the partner of management in GGN Research vegetable oil broker and trader.

In the contrary, soyoil imports got decreased 16% in June 2024 to be 273.000 tons, according to the traders. Solvent Extractors' Association of India (SEA) was predicted to publish official information about June 2024 imports in the midst of July 2024.

In a whole, the increasing palm oil and sunflower imports encouraged vegetable oil imports in the country up to 2% to be 1,53 million tons, the highest numbers since the past ten months. India purchased palm oil, namely from Indonesia, Malaysia, and Thailand, while importing soyoil and sunflower oil from Argentina, Brazil, Russia, and Ukraine. (T2)