Soybean oil imports likely to see a sharp jump during festive season: SEA President
Competitive international prices, strong domestic demand, and disruptions in sunflower oil shipments amid the Russia-Ukraine conflict are prompting Indian refiners to step up purchases, says Sanjeev Asthana
The Soybean oil imports for India are expected to see a sharp increase during the festive season, according to Sanjeev Asthana, President of Solvent Extractors’ Association of India (SEA). This surge is attributed to competitive international prices, strong domestic demand, and disruptions in sunflower oil shipments due to the Russia-Ukraine conflict.
The potential monthly record import of 6.20 lakh tonnes is nearly 46 per cent higher than the current marketing-year monthly average of 4.25 lakh tonnes. Asthana raises questions about the sustainability of this demand, considering the uncertainties in domestic soybean acreage and production due to weather conditions such as El Niño.
The article also discusses the export and import dynamics of oilseeds, the impact of biofuel production on international edible oil prices, and the need for improved domestic productivity to meet the rising import demand.
Brief written by urgent.news from Hindu BusinessLine's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
