India increased imports of sunflower oil by 71% in July

India imported a record 1.76 million tons of edible oils last month, as buyers increased purchases, given the uncertainty of shipments from the Black Sea region, ahead of the festivals to be held in the country. This was reported by the national association of producers SEA (Solvent Extractors’ Association of India).

According to the experts, during the reporting period, the country received 1.08 mln tons of palm oil (+59% compared to June), which is the highest figure for the last seven months.

“Processors took advantage of lower prices to increase purchases. Further growth in imports would help Malaysia and Indonesia to reduce domestic stocks and support Malaysian futures,” SEA explained.

According to the association, imports of soybean oil in July decreased by about 22% to almost 342.3 thsd tonnes. Imports of sunflower oil increased by 71% to 327.26 thsd tonnes.

“The discount on crude palm oil compared to soybean oil has increased to more than $150 per ton, which has encouraged processors to actively switch to palm,” said one market participant. We expect about 1 mln tons of imports in September”.

The main suppliers of palm oil to India are Indonesia, Malaysia and Thailand. Soybean oil is mainly purchased by traders from Argentina and Brazil. Sunflower oil – from Ukraine and Russia.

Tags: sunflower oil, soybean oil, India, palm oil