India cut palm oil imports to an 8-month low in February

According to Reuters, in February compared to January, India reduced palm oil imports by 30% to 586,000 tons (which was the lowest figure since June 2022), soybean oil by 3.7% to 340,000 tons, sunflower oil by 3.7% 67% up to 150 thousand tons.

It is worth noting that from October 2022 to January 2023, India actively bought palm oil and built up domestic reserves, but the demand for this oil was insignificant, so in February importers decided to slow down purchases.

Ukrainian sunflower oil prices fell to $1,000-$1,050/t FOB Black Sea against the background of reduced demand from India, which, including shipping and customs duties, almost corresponds to the price level of low-quality palm oil. This greatly surprises market experts, who hope that the continuation of the grain corridor will increase the number of buyers of Ukrainian sunflower oil from India and China, who have reduced their purchases due to the risks of delayed deliveries.