India's August soyoil, palm oil imports rise on stocking
India’s soyoil imports hit a record in August as refiners stocked up for the festival season, while palm oil purchases reached a six-month high. Overall edible oil imports climbed to an 11-month high of 1.57 million tonnes, with heavy buying also causing congestion at major ports.
MUMBAI: India's soyoil and palm oil imports reached new highs in August, according to the Solvent Extractors Association of India (SEA). The country's leading importer of vegetable oils saw a record surge in soyoil purchases, up by 26% to 628,736 tons, while palm oil imports climbed 7% to 782,761 metric tons, marking the highest level since February. This increase in imports coincided with the country's festival season, which typically sees a peak in demand for edible oils.
The sharp rise in imports comes as refiners seek to stock up ahead of the upcoming festival season, with prices for soyoil being more competitive compared to palm oil. This trend is expected to continue into September, with shipments of soyoil anticipated to remain elevated at over 600,000 tons due to disruptions in sunflower oil shipments from the Black Sea region caused by the ongoing war.
India's dependence on imports for its vegetable oil needs, primarily from Indonesia, Malaysia, Argentina, Brazil, Russia, and Ukraine, has led to congestion at major ports, delaying vessel unloading by up to 10 days. This situation has forced refineries to struggle with clearing incoming cargo, highlighting the challenges faced by the country in meeting its edible oil requirements.
Written by urgent.news from The Economic Times - Economy's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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