Login ID:
Partner Login
Contact Us : 7066511911

India likely to buy more Malaysian palm oil as Indonesia sharply raises export levies: SEA

2 Dec 2021 4:27 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

NEW DELHI, Dec 2 (Commoditiescontrol) - India is likely to buy more Malaysian palm oil after export levies imposed by top producer Indonesia hit record highs in the past year, B.V. Mehta, executive director of India's Solvent Extractors' Association, said on Thursday.

Indonesia had imposed higher exporttaxes and levies in the past year, making prices of palm oil - which had already reached record highs this year - more costly for the top buyer.

"Indonesia's share of palm oil imports by India earlier was nearly 70-75%," Mehta told the annual Indonesian Palm Oil Conference.

"Heavy export duty and levies being imposed by Indonesia (are) discouraging Indian refiners to buy from Indonesia," he said, adding that in January-September this year, Indonesia's share of Indian palm oil imports had dropped to 55%, while Malaysia's had jumped 45%.

Indonesia started taxing crude palm oil exports again after three years absence in February last year, while export levies for the edible oil reached a record high of $255 per tonne in February earlier this year.

In an effort to cool near-record price rises, India cut base import taxes on palm oil, soyoil and sunflower oil in September.

Indonesia set its crude palm oil export reference price higher for December, meaning that palm oil taxes and levies remain at the top bracket of $200 per tonne and $175 per tonne respectively.

(By Commoditiescontrol Bureau)

  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  

Top | Post Comment  

Latest Market Commentary
BMD CPO ends over 2% higher on Indonesia policy, firm e...
Indonesia fixes mandatory 20% local supply of palm oil ...
BMD CPO zooms nearly 2% on firmness in crude oil, edibl...
Long/Short Quantity Position In NCDEX Castor seed On 25...
Top 5 News
Paddy, Basmati rice prices rise in North on improved de...
Coriander prices mixed at spot, futures end firm
Jeera prices rise sharply on strong demand
Red chill prices steady/firm
Sugar stays unchanged, market awaits Feb quota
Top 5 Special Reports
US Cotton Net Export Sales for Jan 14-20 up 43% W/W at ...
US Soybean Net Export Sales for Jan 14-20 up 53% W/W at...
Spot Market Charts Soy Refined Oil (Indore): Correcti...
RBD Palm Olein (Kandla): Consolidating in a Range (Rs. ...
Weekly Review: Performance Of Indian Base Metal Futures...
Copyright © CC Commodity Info Services LLP. All rights reserved.