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Business Recorder
6 days ago
- Business
- Business Recorder
India's June palm oil imports jump 60% to hit 11-month high
MUMBAI: India's palm oil imports jumped to an 11-month high in June as refiners ramped up purchases due to a price discount compared to rival soyoil and sunflower oil, and to replenish depleted inventories, an industry body said on Monday. Higher palm oil imports by India, the world's biggest buyer of vegetable oils, will help bring down stocks in top producers Indonesia and Malaysia and support benchmark Malaysian palm oil futures. Palm oil imports in June rose more than 60% from May to 955,683 metric tons, the highest since July 2024, the Solvent Extractors' Association of India (SEA) said. Imports of soyoil decreased 9.8% to 359,504 tons and sunflower oil imports rose 17.8% to 216,141 tons, the industry body said. Domestic vegetable oil stocks rose for the first time in seven months to 1.568 million tons on July 1, up from last month's 1.33 million tons, which was the lowest level in nearly five years, it said. India's May palm oil imports jump 87% to six-month high, dealers say Palm oil imports are likely to remain above 900,000 tons for the second straight month in July as the oil is available at a discount to rival oils, said Rajesh Patel, managing partner at GGN Research, an edible oil trader. Soyoil imports would likely increase to approximately 450,000 tons in July, as vessels that were unable to unload at Kandla port in the western state of Gujarat during June were expected to discharge their cargo this month, Patel said. India buys palm oil mainly from Indonesia and Malaysia, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine. In May, India halved the basic import tax on crude edible oils to 10% in a bid to reduce food prices and help the domestic refining industry.
Time of India
02-07-2025
- Business
- Time of India
India's June palm oil imports jump 61% to hit 11-month high
India's palm oil imports soared to an 11-month high in June, driven by lower domestic inventories and a price discount to rivals soyoil and sunflower oil that encouraged refiners to ramp up purchases, according to five dealers. Higher palm oil imports by India, the world's biggest buyer of vegetable oils, will help bring down stocks in top producers Indonesia and Malaysia and support benchmark Malaysian palm oil futures. Palm oil imports in June surged 61% month-on-month to 953,000 metric tons, the highest since July 2024, according to estimates from dealers. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Simple Morning Habit for a Flatter Belly After 50! Lulutox Undo "Palm oil has been regaining lost market share since last month. It is now nearly $100 per ton cheaper than competing oils," said Sandeep Bajoria, CEO of Sunvin Group , a vegetable oil brokerage. India imported, on average, 475,699 tons of palm oil each month during the first seven months of the current marketing year ending October 2025, according to the Solvent Extractors' Association of India, which is set to publish its June import data by mid-July. Live Events In the last marketing year, India imported an average of more than 750,000 tons of palm oil each month. Soyoil imports in June fell 9% month-on-month to 363,000 tons, while sunflower oil imports rose 18% to 216,000 tons, dealers estimated. Higher imports of palm oil and sunflower oil lifted India's total edible oil imports in June by 30% from the month before to 1.53 million tons, the highest since November, according to dealers' estimates. Palm oil imports are expected to remain robust in the coming months as its prices are attractive amid a pickup in production in key producing countries, said Rajesh Patel, managing partner at GGN Research, an edible oil trader. India buys palm oil mainly from Indonesia and Malaysia, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine. Nepal's edible oil imports were 75,000 tons in June, down from 155,000 tons in May, GGN Research estimated.
Time of India
12-06-2025
- Business
- Time of India
India's May palm oil imports surge 84% m/m to hit six-month high
India's palm oil imports jumped to a six-month high in May, driven by low inventories and the tropical oil's price discount to rival soyoil and sunflower oil, which prompted refiners to boost purchases, an industry body said on Thursday. Higher imports of palm and soyoil by India, the world's biggest buyer of vegetable oils, could support Malaysian palm oil prices and U.S. soyoil futures. Palm oil imports rose 84 per cent in May from April to stand at 592,888 metric tons, the highest since November 2024, the Solvent Extractors' Association of India (SEA) said. India imported an average of more than 750,000 tons of palm oil each month during the marketing year that ended in October 2024, the SEA said. Imports of soyoil increased 10.4 per cent to 398,585 tons, the highest since January, and sunflower oil imports rose 1.9 per cent to 183,555 tons, it added. Higher imports of palm oil and soyoil lifted India's total vegetable oil imports in May by 33 per cent from a month before to 1.19 million tons, the highest since December, it said. Below-average imports from January to April reduced domestic vegetable oil stocks to 1.33 million tons by June 1, the lowest since July 2020, according to SEA data. Palm oil imports are likely to increase further in June and could rise to about 850,000 tons, as the oil is trading at a discount to soyoil, said Rajesh Patel, managing partner at GGN Research, an edible oil trader. Soyoil imports in June will hold steady around 400,000 tons, Patel said. India buys palm oil mainly from Indonesia and Malaysia, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine. Vegetable oil imports are expected to pick up in the coming months as this month's duty cut will help boost demand, said a New Delhi-based trader. India halved the basic import tax on crude edible oils to 10 per cent in a bid to reduce food prices and help the domestic refining industry.
Time of India
12-06-2025
- Business
- Time of India
India's May palm oil imports surge 84% m/m to hit six-month high
India's palm oil imports surged to a six-month peak in May, driven by attractive pricing compared to soyoil and sunflower oil, alongside dwindling inventories. This surge propelled overall vegetable oil imports to 1.19 million tons, the highest since December. Anticipated increased palm oil imports in June, potentially reaching 850,000 tons, are expected due to the continued price advantage. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads India's palm oil imports jumped to a six-month high in May, driven by low inventories and the tropical oil's price discount to rival soyoil and sunflower oil, which prompted refiners to boost purchases, an industry body said on imports of palm and soyoil by India, the world's biggest buyer of vegetable oils, could support Malaysian palm oil prices and U.S. soyoil oil imports rose 84% in May from April to stand at 592,888 metric tons, the highest since November 2024, the Solvent Extractors' Association of India (SEA) imported an average of more than 750,000 tons of palm oil each month during the marketing year that ended in October 2024, the SEA of soyoil increased 10.4% to 398,585 tons, the highest since January, and sunflower oil imports rose 1.9% to 183,555 tons, it imports of palm oil and soyoil lifted India's total vegetable oil imports in May by 33% from a month before to 1.19 million tons, the highest since December, it imports from January to April reduced domestic vegetable oil stocks to 1.33 million tons by June 1, the lowest since July 2020, according to SEA oil imports are likely to increase further in June and could rise to about 850,000 tons, as the oil is trading at a discount to soyoil, said Rajesh Patel, managing partner at GGN Research, an edible oil trader. Soyoil imports in June will hold steady around 400,000 tons, Patel buys palm oil mainly from Indonesia and Malaysia, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and oil imports are expected to pick up in the coming months as this month's duty cut will help boost demand, said a New Delhi-based halved the basic import tax on crude edible oils to 10% in a bid to reduce food prices and help the domestic refining industry.
Reuters
12-06-2025
- Business
- Reuters
India's May palm oil imports surge 84% m/m to hit six-month high
MUMBAI, June 12 (Reuters) - India's palm oil imports jumped to a six-month high in May, driven by low inventories and the tropical oil's price discount to rival soyoil and sunflower oil, which prompted refiners to boost purchases, an industry body said on Thursday. Higher imports of palm and soyoil by India, the world's biggest buyer of vegetable oils, could support Malaysian palm oil prices and U.S. soyoil futures . Palm oil imports rose 84% in May from April to stand at 592,888 metric tons, the highest since November 2024, the Solvent Extractors' Association of India (SEA) said. India imported an average of more than 750,000 tons of palm oil each month during the marketing year that ended in October 2024, the SEA said. Imports of soyoil increased 10.4% to 398,585 tons, the highest since January, and sunflower oil imports rose 1.9% to 183,555 tons, it added. Higher imports of palm oil and soyoil lifted India's total vegetable oil imports in May by 33% from a month before to 1.19 million tons, the highest since December, it said. Below-average imports from January to April reduced domestic vegetable oil stocks to 1.33 million tons by June 1, the lowest since July 2020, according to SEA data. Palm oil imports are likely to increase further in June and could rise to about 850,000 tons, as the oil is trading at a discount to soyoil, said Rajesh Patel, managing partner at GGN Research, an edible oil trader. Soyoil imports in June will hold steady around 400,000 tons, Patel said. India buys palm oil mainly from Indonesia and Malaysia, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine. Vegetable oil imports are expected to pick up in the coming months as this month's duty cut will help boost demand, said a New Delhi-based trader. India halved the basic import tax on crude edible oils to 10% in a bid to reduce food prices and help the domestic refining industry.
