India is the fourth time for half a year increased the import duty on palm oil
To support domestic producers, the Indian government decided to increase import duty on crude and refined palm oil up to the upper level of the last 10 years, - informs Reuters.
the Import duty on crude palm oil will increase from 30% to 44%, and on refined – from 40% to 54%.
the Specified fee increases for the fourth time in the last 6 months that has the objective to maintain domestic prices of vegetable oil and promote the growth of prices on world markets.
the Increase in import duties on a significant increase of vegetable oil consumption in India over the past 15 years will lead to increased imports of soy and sunflower oil as the price spread between them is reduced.
the Increase in palm oil production and limit its imports by major buyers – India, the US and the EU, which limit its use in biodiesel production, pressure on palm oil price, which during the week following the soy complex grew up in Kuala Lumpur by 3% to 2599 ringgit or 652,4 $/ton, and yesterday fell to 2549 ringgit or 649,88 $/t
a Record volume of supply of palm oil continues to constrain the price of soybean oil, despite the sharp growth in world prices of soybeans and put pressure on the price of sunflower oil, which remains at $750/MT FOB Black sea.