India’s palm oil imports in January fell to their lowest in nearly 14 years as refiners turned to cheaper soyoil, driven by negative refining margins for palm oil, a leading trade body said on Wednesday.<\/p>\n
Lower palm oil imports by India, the world’s biggest buyer of vegetable oils, are likely to weigh on benchmark Malaysian palm oil prices and support US soyoil futures.<\/p>\n
Palm oil imports in January fell 45% from December to 275,241 metric tons, the lowest since March 2011, the Solvent Extractors’ Association of India (SEA) said.<\/p>\n
India imported an average of more than 750,000 tons of palm oil every month in the marketing year that ended in October 2024, according to the SEA.<\/p>\n
Palm oil usually trades at a discount to soyoil and sunflower oil, but falling stocks have lifted its prices above rival oils, whose supplies are abundant.<\/p>\n
Imports of soyoil in January increased 5.6% to 444,026 tons, the highest in seven months, and sunflower oil imports rose 8.9% to 288,284 tons, the industry body said.<\/p>\n
Lower shipments of palm oil reduced the country’s total vegetable oil imports in January by 14.8% to 1 million tons, the lowest in 11 months, it said.<\/p>\n
The drop in vegetable oil imports over recent months lowered vegetable oil inventories to 2.18 million tons at the start of February, the lowest since April 2022, the SEA said.<\/p>\n
Palm oil imports could slightly increase in February from the multi-year low hit in January but will remain lower than usual, said Rajesh Patel, managing partner at GGN Research, an edible oil trader.<\/p>\n
He said soyoil imports could fall and sunflower oil could rise marginally in February.<\/p>\n
India buys palm oil mainly from Indonesia, Malaysia and Thailand, and imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine.<\/p>\n
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)<\/i><\/p>\n
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