March palm oil imports leap as Ukraine sunoil provides halt
MUMBAI: India’s palm oil imports jumped 18.7%in March from the previous month, as traders relocated to secure options to sunflower oil that can no longer be purchased from Ukraine, a leading trade body said on Wednesday. The greater purchases of palm oil by India, the world’s greatest importer of edible oils, could support Malaysian palm oil futures. In March, 539,793 tonnes of palm oil landed in India, up from 454,794 tonnes in February, the Solvent Extractors
‘Association of India (SEA)said in a declaration. India imported 212,484 tonnes of sunflower oil in March, up from 152,220 tonnes in February
, helped by the arrival of a few ships that had left Ukraine before the war, it stated.”However in April, as no shipment from Ukraine came, sunflower oil import might be up to nearly 80,000 tonnes, primarily arriving from Russia and Argentina only, “it stated. India has actually contracted for 45,000 tonnes of Russian sunflower oil at a record high rate for deliveries in April, as edible oil costs in the regional market surged due to the fact that of the cessation of Ukrainian supply. The country’s soyoil imports in March fell to 299,421 tonnes from 376,594 tonnes a month earlier, the SEA stated.” Brazil and Argentina have actually limited soyoil surplus. In the past few months, India was shopping soyoil from other origins consisting of the United States and Germany.
But these nations can’t ship huge volume,”said a Mumbai-based dealership with an international trading company.
India has imported a record 112,576 tonnes of soyoil from the United States in the first 5 months of the present 2021/22 marketing year ending on Oct. 31, the SEA information showed. As sunoil and soyoil products are limited, India has no choice but to import more than 600,000 tonnes of palm
oil in April, the dealership stated. India buys palm oil from top producers Indonesia and Malaysia and soyoil mainly from Argentina and Brazil. Released at Wed, 13 Apr 2022 07:04:28 +0000