India increases imports of Russian sunflower oil

Starting in 2016/17 MG India each season is importing at least 2 million tons of sunflower oil, and in 2019/20 MG can increase its purchase of 8% to 2.6 million tonnes Already in 2020/21 MG import of sunflower oil could rise to 3 million tonnes, and by 2022/23МР – up to 3.5 mln t. this was stated by the President of Sunvin Group Sandeep of Bagora at the international conference "fat-and-oil industry -2019".

the Main suppliers of sunflower oil to India, Ukraine, Russia and Argentina, and the Ukrainian share of oil in total imports at the end of the 2018/19 MG was 90%.

it is Expected that in 2019/20 MG India to reduce the import of Ukrainian sunflower oil 24% to 66% (from 2.2 to 1.7 million tonnes) due to increased competition from Russia, whose share in Indian imports will grow from 4% to 25% (from 100 to 650 thousand tons), and Argentina, which will increase the supply from 6% to 9%.

In September, India reduced the import of sunflower oil to the lowest this year level 126.8 thousand tons, compared to 230 THD. MT in August through the high inventories, which in September amounted to 152 thousand tons.

Prices for sunflower oil supports the growth of quotations of palm and soybean oil on the background of increased demand from China and India. Ukrainian oil supply in December and January offer at 675-685 $/t FOB, however, the supply is negligible.

Russia is increasing the offers of sunflower oil due to the record harvest of sunflower and reduce the purchase price. To enhance the sales traders have lowered prices and are now offering Russian sunflower oil with delivery in December at 710-715 $/t CIF, and Ukrainian – 725 $/t CIF.