Palm Oil Import

As Indonesia raises its biodiesel blend to 50%, the global palm oil market braces for tighter supply, though India remains a priority destination for exports

Higher palm oil imports by India, the world's largest buyer of vegetable oils, are expected to help top producers Indonesia and Malaysia

Indian vegetable oil importers are ramping up palm oil purchases ahead of the festival season as declining global prices make it cost-effective to meet expected demand surge during the festive period, according to the Indian Vegetable Oil Producers' Association (IVPA). The recent reduction in import duty on crude edible oils to 10 per cent, from 20 per cent, provides "a little bit of relief" for consumers, though prices would have been higher otherwise, IVPA President Sudhakar Desai told PTI in an interview. The duty cut was reflected in loose oils within two days but it takes up to 25 days to reflect in packaged oils, he said, and added the IVPA welcomes the government's soon-to-be-notified new regulations on the vegetable oil sector. The organised sector will not have any issue in implementing it unlike the unorganised sector. "Preparations have already started. We see good imports in July. People are buying ahead of festival time. The pipeline was dry in the previous three month

Gujarat's Kandla Port has pledged to address vessel congestion issues and ensure uninterrupted edible oil supplies, the Indian Vegetable Oil Producers' Association (IVPA) said on Monday. The assurance came during a meeting between industry representatives and Kandla Port Chairman Sushil Kumar Singh, aimed at resolving bottlenecks that have affected imports of palm oil and other edible oils. Singh outlined infrastructure improvements, including new 14-inch pipelines and preparations to handle edible oil at two additional berths with dedicated pipelines, the IVPA said in a statement. The port authority agreed to maintain its existing system of imposing penalty charges for delayed vessel discharges rather than moving ships to outer anchorage for re-berthing, which creates additional costs for importers, the association said. Singh emphasised the need for coordination between port officials and importers to minimise delays after vessels dock, and urged vessel agents to flag potential .

Palm oil accounted for 56 per cent of India's total edible oil imports in the last marketing year, but in the first three months of the current year its share fell to 43 per cent

Demand for edible oils was robust during the festival season, prompting refiners to replenish their inventories, said Rajesh Patel, managing partner at GGN Research, an edible oil trader and broker

The drop in imports of palm and sunflower oils brought down the country's total edible oil imports by 17 per cent to 1.53 million tons

India's palm oil imports rose more than 37 per cent in July from previous month to about 1.1 million metric tonnes, highest since Aug 2023 and in line with traders' estimates, SEA of India said

Lower purchases of palm oil by India could keep inventories elevated in top producers Indonesia and Malaysia and weigh on benchmark futures

India's palm oil imports jumped 29.21 per cent to 90.80 lakh tonnes in the first eleven months of the ongoing 202223 oil year, compared to the year-ago period, with RBD Palmolien shipments rising fast, posing a serious threat to the domestic refiners, industry body SEA said on Friday. India, the world's leading vegetable oil buyer, imported 70.28 lakh tonnes of palm oil products during the same period in the the previous oil year. Meanwhile, the country's total vegetable oil imports rose 20 per cent to 156.73 lakh tonnes during the NovemberSeptember period of the 202223 oil year, from 130.13 lakh tonnes in the year-ago period. In September, however, the country's vegetable oil imports witnessed a 5 per cent decline, dropping to 15.52 lakh tonnes from 16.32 lakh tonnes in the same period the previous year. "During November 2022 and September 2023, the import of palm products increased sharply due to price parity. The share of palm oil increased to 59 per cent," the Mumbai-based Solv

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market

India is committed to importing 2.6 million tonnes of palm oil products worth $3.16 billion, Indonesia's trade minister said in a statement on Tuesday

The move adds to the impact of Russia's invasion of Ukraine, which plunged the global edible oil market into disarray.

Palm oil is used in products like cooking oil, processed foods, cosmetics and biofuels.

In March, 539,793 tonnes of palm oil landed in India, up from 454,794 tonnes in February, the Solvent Extractors' Association of India (SEA) said in a statement

In March, 550,000 tonnes of palm oil landed in India, up from 454,794 tonnes in February, said a Mumbai-based dealer with a global trading firm

Ukraine and Russia accounted for nearly 13% of India's edible oil imports last year, supplying 1.6 million tonnes.

Widely used in edible oil blending, cosmetics, processed food products, palm oil's prices on Bursa Malaysia Derivatives is considered to be the global benchmark among trade circles

State energy company PT Pertamina last month started trials on the so-called "green diesel" after conducting tests with jet fuel late last year

The impact of the shuttered food courts and street vendors is compounded by reduced demand at retail stores