India cuts palm oil imports by 33% to 6-month low in September

2024-10-15 10:04:32
India cuts palm oil imports by 33% to 6-month low in September

According to the Indian Solvent Producers Association (SEA), in September against the backdrop of high prices, India reduced imports of vegetable oils by more than 30% to 1.1 million tons compared to August, in particular palm oil by more than 33% to a 6-month low of 527,314 thousand tons, sunflower - by 46.2% to a 10-month low of 152,803 thousand tons, and soybean - by 15.4% to 384,382 thousand tons.

 

SEA experts attribute the reduction in palm oil imports to significant own reserves and the rise in base prices for the product in Malaysia.

 

A reduction in purchases by the world's largest importer of vegetable oils could lead to an increase in palm oil stocks in the main producers - Malaysia and Indonesia, which will increase the pressure on quotations.

 

As a result of the reduction in imports, stocks of vegetable oils in India decreased from 2.93 to 2.45 million tons during September, SEA reports.

 

At the same time, the demand for edible oils in the country is growing due to the festival season, as a result of which palm oil imports may exceed 700,000 tons in October, according to local analysts.

 

We will remind that India buys palm oil mainly from Indonesia, Malaysia and Thailand, and soybean and sunflower oil - from Argentina, Brazil, Ukraine and the Russian Federation.

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