India’s Vegetable Oil Imports Surge Amid Price Correction and Duty Hike Speculation
India’s palm and soybean oil imports surged to their highest levels in a year in July, driven by price corrections and speculation about a potential import duty hike. Palm oil imports rose 39% to 1.09 million metric tons, while soyoil imports jumped 43% to 394,000 metric tons. This surge is expected to reduce inventories in major producing countries like Indonesia and Malaysia and support global prices. Sunflower oil imports fell 22% to 364,000 metric tons.
India’s palm and soybean oil imports have surged to their highest levels in a year, caused by refiners increasing their purchases due to a price correction and speculation regarding a potential import duty hike. This surge in imports is expected to help reduce inventories in top-producing countries and support global benchmark prices.
India’s palm and soybean oil imports have skyrocketed to their highest levels in approximately a year during July, driven by refiners upping their purchases after a price correction and anticipation of a potential import duty hike, six dealers reported on Friday. This increase in imports is projected to help reduce inventories in major producing countries like Indonesia and Malaysia, thereby supporting benchmark prices.
Palm oil imports increased by 39% in July compared to the previous month, reaching 1.09 million metric tons, the highest since August 2023, according to dealer estimates. ‘The refining margin was favorable for palm oil in May and June, prompting most buyers to place orders for July shipments,’ said Rajesh Patel, managing partner at edible oil trader and broker GGN Research.
Soyoil imports also experienced a significant rise, jumping 43% to 394,000 metric tons, the highest in 13 months, driven by expectations of a duty hike in the upcoming budget, explained Sandeep Bajoria, CEO of Sunvin Group, a vegetable oil brokerage. Despite no changes to the duty structure in the recently presented budget for the 2024-25 financial year by Finance Minister Nirmala Sitharaman, the anticipation still bolstered imports. Notably, sunflower oil imports decreased by 22% from the previous month’s record shipments, settling at 364,000 metric tons.
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