Mumbai, 14 Jan (Commoditiescontrol): India’s palm oil imports in December dropped 41% from the previous month to 500,175 metric tons, marking the lowest volume since March 2024, according to the Solvent Extractors' Association of India (SEA). The steep decline was driven by a surge in palm oil prices to a 2-1/2-year high, prompting refiners to pivot to cheaper alternatives like soyoil.
Total vegetable oil imports fell 24.3% month-on-month to 1.23 million tons, the lowest in three months. Soyoil imports rose 3.2% to 420,651 tons, a four-month high, while sunflower oil imports declined 22.3% to 264,836 tons.
Rising Malaysian palm oil prices, coupled with tightening global supplies, have eroded palm oil’s usual price advantage over soyoil, driving Indian refiners towards South American-origin soyoil. Traders noted that palm oil’s premium remains over $40 per ton compared to soyoil, discouraging further imports and potentially impacting January demand.
India, the world’s largest buyer of vegetable oils, is navigating a shifting market landscape influenced by global supply constraints and rising input costs. The changes could have broader implications for domestic refiners and the pricing dynamics of competing edible oils.
(By Commoditiescontrol Bureau; +91-9820130172)
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