India’s September Palm Oil Import reached the lowest level of 4 months, Soyoil jumped to the highest 3 years
Imports of Indian palm oil in September down to the lowest level in four months, because the refinement replaces the oil palm oil with a cheaper Soyoil, according to five dealers.
Lower palm oil and higher imports of Soyoil by India, the largest buyer of vegetable oil in the world, can burden the benchmark of Malaysian palm oil Futures while supporting Soyoil Futures as (BOC2).
Imports of palm oil fell 15.9% month to month in September to 833,000 metric tons, the lowest since May, according to estimates from the dealer.
Meanwhile, Soyoil’s imports jumped 37.3% to 505,000 tons, the highest level since July 2022, and the import of sunflower oil rose 5.8% to the highest eight months from 272,000 tons, according to the estimated dealer.
The total oil imports that India can eat in September dropped 0.7% to 1.61 million tons from a month earlier due to lower palm oil imports, estimated.
Import figures do not include free shipping duties that arrive through the land border from Nepal, said the dealers.
“Palm oil is more expensive than Soyoil lately, so people are looking for Soyoil,” said Sandeep Bajoria, executive chief of the Sunvin group, a vegetable oil broker based in Mumbai.
The level of palm oil stock in India feels comfortable after big imports between June and August before the festival season, Bajoria said.
The request for eating oil in India, especially palm oil, usually rises during the festival season in the midst of increased consumption of candy and fried food.
In September, India imported around 11,000 tons of Soyoil from China, marking the first shipment like that for a long time, said Rajesh Patel, partner of the manager at an oil trader that could be eaten by GGN Research.
Indian palm oil imports are likely to fall to around 600,000 tons in October, while Soyoil’s import is likely to exceed 450,000 tons, said the dealer based in Mumbai with a global trading house.
India buys palm oil especially from Indonesia and Malaysia, and imports Soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine.
The eaten -up nepal oil import is 35,000 tons in September, down from 95,000 tons in August, GGN Research estimates.
Source: Reuters
