InfoSAWIT, MUBAI – Palm oil imports in India in January decreased more than 12% to the previous month. It hit the lowest level in the past three months. This happened for crude palm oil (CPO) as the main alternative oil was more expensive than soyoil.

Advance trade agency revealed that the lower purchase from the biggest vegetable oil importer country in the world would potentially get palm oil stocks from the main producer countries, such as, Indonesia and Malaysia, and would press CPO price in the stock markets.

Data released by Solvent Extractors' Association of India (SEA) in Mumbai showed that palm oil imports in January decreased about 12,4% to be 782.983 metric tons. While soyoil imports increased 23,7% to be 188.859 tons, and sunflower oil imports decreased about 15,6% to be 220.079 tons. These happened for sunflower oil was more expensive in transportation because the attack of Houthi in Red Sea.

Vegetable oil imports in India totally decreased 8,4% to be 1,20 million tons. This happened for the decreasing palm oil and sunflower oil imports. The margin in vegetable oil distillery which was negative, encouraged the friction from palm oil to soyoil in the past few weeks.

As quoted from Reuters, a dealer in a global scale – trade institution in New Delhi told that in the couple of months, palm oil imports would be decreasing to deliver time to get additional soyoil which gets cheaper.

CPO was offered about US$ 932 per metric ton, including the costs, insurance, and transportation (CIF) in India for March delivery while soyoil and sunflower oil were offered about US$ 919 and US$ 925 per ton. (T2)