Mumbai, 11 Apr (Commoditiescontrol):The latest Solvent Extractors' Association of India data reveals a 17% decline in India's vegetable oil imports (both edible and non-edible) from November 2023 to March 2024. Total imports reached 5,830,115 tons, down from 7,060,193 tons during the same period last year. This decrease is likely due to a higher carryover of oilseed stocks from the previous marketing year.
Interestingly, March 2024 imports showed a slight 1% increase over March 2023, totalling 1,182,152 tons. This rise, mainly in edible oils, suggests potential fluctuations in demand that warrant further observation.
A notable price reversal occurred between Crude Palm Oil (CPO) and Crude Sunflower Oil (CSO). CPO, typically more affordable, was priced higher at US $1045/ton, while CSO became more budget-friendly at $975/ton. This change was primarily driven by a massive supply from the black sea and region and South America, which triggered a surge in sunflower oil imports. February saw 297,000 tons, and a record 446,000 tons in March.
From November 2023 to March 2024, India imported 886,607 tons of refined oil and 4,878,625 tons of crude oil. Refined oil imports increased to a 15% share, surpassing the previous year's 14%.
Palm oil imports decreased to 3,529,839 tons from 4,399,128 tons the prior year, while soft oil imports rose due to better refining margins in soft oils in the domestic market.
Indonesia and Malaysia continue to dominate as primary suppliers, followed by Brazil, Argentina, and Black Sea region countries like Ukraine, Russia, and Romania.
(By Commoditiescontrol Bureau: 09820130172)
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