Imports of sunflower oil to India decreased by 48% in April

India’s palm oil imports jumped 41% in April from the previous month to the highest level in three months as lower prices prompted processors to increase purchases, five dealers told Reuters.

According to dealers, palm oil imports jumped to 682,000 tons in April.

Palm oil has become more attractive to buyers due to a recent price correction that removed its premium to soybean and sunflower oil, said Rajesh Patel, managing partner at edible oils trader and brokerage GGN Research.

India’s crude palm oil (CPO) imports for June delivery are offered at around USD 920 per tonne, including cost, insurance and freight (CIF), while soybean and sunflower oils are offered at around USD 920 and USD 945 per tonne, respectively.

A month ago, CPO was almost USD 50 per ton more expensive than competing oils.

Palm oil imports are likely to increase by about 700,000 tons in May as buyers switch to palm oil due to reduced crude oil imports, said Sandeep Bajoria, CEO of Sunvin Group, an oil brokerage.

The SEA industry association is likely to publish its April import data by mid-May.

India’s imports of sunflower oil in April were down 48% from the previous month, to 233,000 tons, as port congestion delayed the mooring of several ships, dealers said.

Imports of soybean oil surged 79% in April to 391,000 tons, the highest level in 10 months, due to higher refining margins, dealers said.

According to them, the increase in imports of palm and soybean oil led to a 13% increase in edible oil imports to the country to 1.3 million tons.

India buys palm oil mainly from Indonesia, Malaysia and Thailand, while soybean and sunflower oil is imported from Argentina, Brazil, Russia and Ukraine.

Tags: sunflower oil, India, palm oil