Ukrainian ports failed to raise prices for sunflower oil amid war in Iran

On Monday morning, sellers tried to protest the increase in prices for sunflower oil in Ukrainian ports, but the market did not support this increase, and by the evening prices had returned to Friday levels. This was reported by Serhiy Repetsky, managing partner of Sunstone Brokers, writes Latifundist.com.

According to him, the hopes that the war in Iran would lead to an increase in sunflower prices have not yet been justified.

“The price of sunflower oil on the basis of FOB Ukrainian ports has not actually changed and has only increased by $5 per destination due to an increase in freight rates,” Repetsky noted.

At the same time, only spot changes are observed on the world vegetable oil market due to the aggravation of the situation in the Persian Gulf. They have mostly affected cheaper oils used in the production of biodiesel.

In particular, rapeseed oil on an FOB basis in the ports of the Netherlands rose in price by approximately €15 in the first two working days against the backdrop of rising oil prices.

Sunflower oil continues to be the most expensive among the main vegetable oils — more expensive than palm, soybean and rapeseed.

According to Repetsky, an additional factor for the market is the change in the structure of demand in India. Sunflower oil imports to the country decreased from 330 thousand tons in November to 146 thousand tons in February. In contrast, palm oil purchases increased from 500 thousand tons to 844 thousand tons during this period due to the significant difference in prices between these products.

Tags: Ukraine, sunflower oil, prices