Comments
Imports of soyabean oil doubled, while that of crude palm oil (CPO) came down during November compared with October as rising palm oil prices reduced the discount it had been enjoying in the global market.
According to the Solvent Extractors’ Association of India (SEA) data, the country imported 4.74 lakh tonnes (lt) of crude soyabean oil in November against 2.16 lt in October — up 118.58 per cent.
The CIF import price of crude soyabean oil was at $1,459 a tonne in November against $1,453in October.
Argentina and Brazil contributed a major share of the total soyabean oil imports to the country. India imported 3.19 lt of soyabean oil from Argentina in November 2021 against 2.35 lt in November 2020; and 1 lt (nil) from Brazil. Some quantities of soyabean oil were also imported from Egypt, Turkey and Ukraine during the period.
Palm oil down
The country’s palm oil import came down to 4.77 lt in November against 6.26 lt in October. The CIF import price of CPO increased to $1,432 a tonne ($1,369).
However, the import of RBD palmolein marginally increased from 58,212 tonnes in October to 58,267 tonnes in November.
The CIF import price of RBD palmolein was at $1,395 a tonne ($1,349).
During November, India imported 2.44 lt of CPO and 7,500 tonnes of RBD palmolein from Malaysia, and 1.92 lt of CPO and 50,767 tonnes of RBD palmolein from Indonesia.
Sunflower imports up
Even the crude sunflower oil import increased to 1.25 lt ( 1.16 lt). The CIF import price of crude sunflower oil increased to $1,471 a tonne ($1,457).
The country’s import of crude sunflower oil from Ukraine stood at 1.07 lt and Russia at 17,034 tonnes during November.
BV Mehta, Executive Director of SEA of India, said the total palm oil (which includes CPO and RBD palmolein) imports sharply decreased to 5.39 lt in the first month of the oil year 2021-22 (November-October) from 6.18 lt in the corresponding month of the oil year 2020-21.
Soft oil imports increased to 5.99 lt in November 2021 from 4.64 lt in the corresponding period of 2020.
During the period, the share of palm oil in the total edible oils import basket reduced to 47 per cent and soft oils went up to 53 per cent.
Import of refined oils registered a growth in November 2021 when compared to November 2020. The country imported 58,267 tonnes of refined oil (10,000 tonnes) and 10.80 lt (10.73) of crude oil during the period, he said.
As on December 1, the stock of edible oils at various ports was estimated at 7.04 lt and pipeline stock at 9.50 lt with a total stock of 16.54 lt. Mehta said the total stock has decreased by 51,000 tonnes to 16.54 lt as on December 1 from 17.05 lakh tonnes as on November 1.
Overall import of vegetable oils (which includes edible oil and non-edible oil) 11.73 lt in November when compared to 10.60 lt in October, and 11.02 lt in November 2020.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.