India buys rapeseed oil for first time in five years
India bought rapeseed oil from abroad for the first time in nearly five years for August delivery as domestic prices hit a three-year high, making imports profitable, Reuters reported.
A total of 6,000 tonnes of rapeseed oil from the United Arab Emirates is expected to arrive at the port of Kandla in Gujarat state this month, said Rajesh Patel, managing partner at edible oil trader GGN Research.
India mainly sources palm oil from Indonesia and Malaysia, while it imports soybean and sunflower oil from Argentina, Brazil, Russia and Ukraine.
Rapeseed oil spot prices rose to 167,000 rupees ($1,914.02) a tonne in July, the highest since February 2022 and nearly 34% higher than a year earlier.
“The rise in domestic prices is opening up import opportunities and we can expect higher supplies as the new oilseed crop will hit the domestic market only in March next year,” said a Mumbai-based dealer working for an international trading company. Soybean oil imports into India are also on the rise, with some buyers replacing more expensive rapeseed oil with the cheaper alternative, he added.
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