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India December vegoil imports drop 10 percent on lower soyoil purchases

Reuters  |  MUMBAI 

(Reuters) - India's vegetable in December fell 10 percent from a year ago to 1.1 million tonnes as refiners slashed overseas soyoil purchases after supplies rose from the local crop, a body said on Friday.

The country's of soyoil stood at 79,250 tonnes for the month, well down on the 232,132 tonnes bought last year, the Solvent Extractors' Association, a Mumbai-based group for oilseed processors, said in a statement.

"Indian import duty has gone up so people were waiting to see the impact of duty on prices.

Supply from local soybean crop was also good," said Sandeep Bajoria, chief executive of vegetable importer

India, the world's biggest edible buyer, in November doubled the import tax on crude palm to 30 percent, while the duty on refined palm was raised to 40 percent from 25 percent.

Soybean crushing has picked up after the duty hike, dealers said.

The country's palm in December were 722,857 tonnes, slightly down from 723,158 tonnes a year ago, the SEA data showed.

India's palm and soyoil in January could rise to 775,000 tonnes and 190,000 tonnes respectively, Bajoria said.

primarily palm from and and soyoil from and It also buys small volumes of sunflower from and canola from

(Reporting by Rajendra Jadhav; editing by Richard Pullin)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, January 12 2018. 12:33 IST