Imports of sunflower oil to India reached 500 thsd tons

India has bought a record 500 thsd tons of sunflower oil for June delivery as competition between top suppliers Ukraine and Russia made it cheaper than soybean and palm oil, two leading buyers and a customs official tell Reuters.

The increase in purchases of sunflower oil by the world’s largest importer of vegetable oils will help reduce stocks of sunflower oil in the Black Sea region and raise prices. Ukraine and Russia account for over 70% of the world’s sunflower oil supplies.

A few weeks ago, crude sunflower oil was available in India at $940 per tonne, including cost, insurance and freight (CIF), for June delivery, while soybean and palm oil were offered at around $1015 and $950 per tonne, respectively.

Last marketing year, India purchased an average of 250 thousand tons of sunflower oil per month, mainly from the Black Sea region.

The industry needs time to process and distribute the 500 thousand tons of sunflower oil imported in June, which will lead to a reduction in imports in July.

India buys palm oil mainly from Indonesia, Malaysia and Thailand, and imports soybean oil from Argentina, Brazil and the United States.

Tags: Ukraine, Russia, sunflower oil, India, imports