India’s sunflower oil imports jump 75% in May – SEA

Last month, India increased imports of palm oil by almost 12% by the level of April – up to 763 thousand tons, which is the highest value since January this year, according to official data of the national association SEA.

Imports of soybean oil in the reporting period decreased by about 16% to 324 thousand tons, while sunflower oil shipments increased by 75% to 410.7 thousand tons.

“Soybean oil prices have recently jumped due to supply disruptions at leading producers in Argentina and Brazil, while sunflower oil due to reduced supplies from the Black Sea region,” SEA executive director B.V. Mehta said.

Palm oil quotations were generally stable, making it more attractive to Indian buyers, he said.

According to SEA, last month import prices for crude palm oil were around $951, including cost, insurance and freight. Soybean and sunflower oils were offered at about $1,000 and $987 per ton, respectively.

“As palm oil discounts continue to rise, it becomes even more attractive to Indian buyers. India could buy more than 750,000 tons in June,” said a Mumbai-based dealer.

He expects soybean oil imports could fall below 300,000 tons in June as prices have risen more than $60 a ton in two weeks.

Tags: soybean oil, prices, India, palm oil, imports, sunflower oil