India’s September palm oil imports hit 6-month low on price rise, say dealers

India’s palm oil imports in September fell by nearly a third compared to the previous month, hitting a six-month low as a surge in tropical oil prices made it more expensive than rival oils, forcing refiners to postpone purchases, five dealers said.

Lower purchases by the world’s biggest importer of vegetable oils could lead to higher stocks of palm oil in key producers Indonesia and Malaysia, weighing on benchmark futures.

Palm oil imports fell 34 per cent in September from the previous month to 530,000 metric tons, according to estimates from dealers.

Soyoil imports in September fell 15 per cent from a month ago to 388,000 metric tons, while sunflower oil imports plunged 49 per cent to 145,000 metric tons, the lowest in 10 months, dealers said.

The drop in imports of palm oil, soyoil and sunflower oil brought down the country’s total edible oil imports by 31 per cent to 1.06 million tons, as per dealers’ estimates.

India buys palm oil mainly from Indonesia, Malaysia and Thailand, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine.

Industry body the Solvent Extractors’ Association of India (SEA) is likely to publish its data on September imports by mid-October.

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