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Informist, Wednesday, Jul 24, 2024

 

--GGN Research: See India's edible oil imports up 24% on month in Jul

--GGN Research:See Jul edible oil imports at 1.9 mln tn vs 1.5 mln Jun

--GGN Research: See Jul edible oil import 1.9 mln tn vs 1.8 mln yr ago

--GGN Research: See Jul soyoil imports 400,000 tn vs 276,000 tn in Jun

--GGN Research: See Jul palm oil imports 1.1 mln tn vs 786,000 tn Jun

--GGN Research:See Jul sunflower oil imports 375,000 tn vs 466,000 Jun

 

By Anjali Lavania

 

MUMBAI – India's edible oil imports may rise 24% on month to 1.9 mln tn at the end of July on the back of a rise in imports of soyoil and palm oil, according to estimates by GGN Research accessed by Informist. Last year, edible oil imports in July were at 1.8 mln tn, the data showed.

 

Total soyoil imports in July may rise 45% on month to 400,000 tn from 276,000 tn in June. "With imports at 400,000 tn, soyoil imports may hit a 13-month high in July," Rajesh G. Patel, managing partner at GGN Research, told Informist.

 

Similarly, total palm oil imports in July may surge 43% to 1.1 mln tn from 786,000 tn in June and 1.0 mln tn in the same period last year. "Palm oil imports may rise 43% in July to 1.1 mln tn, hitting an 11-month high," Patel, who is based in Gujarat, said. "There has been a significant increase in palm oil and soyoil procurement by refiners due to attractive pricing," he said. 

 

However, sunflower oil imports are seen declining 20% on month and 15% on year to 375,000 tn in July, the data showed. Sunflower oil imports were 327,000 tn during the same period last year, according to the data.

 

"Currently, shipments of soyoil are in the range of $1,020-1,025 per tn including cost, insurance and freight, crude palm oil at $970 per tn, and crude sunflower oil at $1,025-1,030 per tn, including cost and freight," Patel said. Shipments of refined, bleached and deodorised palmolein are seen at $945 per tn, he said. "In August we estimate imports to be around 1.5-1.6 mln tn, Patel added.

 

The Solvent Extractors' Association of India is scheduled to release its July figures for imports of edible oil by Aug 15. India imports palm oil from Indonesia, Malaysia, and Thailand and imports soyoil and sunflower oil from Argentina, Brazil, Ukraine and Russia.  End

 

US$1 = 83.72 rupees

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Rajeev Pai

 

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