India's soyoil imports hit record high in August and palm six-month peak, dealers say

Business Recorder reported, citing five dealers, that Indian refiners bought a record amount of soyoil in August and the largest volume of palm oil in six months. The buying was aimed at building stocks before the festival season, when edible oil demand usually peaks. Palm oil imports rose 7% from July to 780,000 metric tons, according to the dealers' average estimates.

Soyoil arrivals reached a record 601,000 tons in August, a 21% increase on July, which Sunvin Group's chief executive tied to its more competitive price against palm oil. Sunflower oil cargoes, by contrast, shrank 38% to 157,000 tons, the lowest level in half a year, after fighting escalated between Russia and Ukraine and disrupted shipments from the Black Sea. Overall edible oil arrivals grew 4%, reaching 1.54 million tons, their highest level in 11 months.

Roughly 100,000 tons of edible oils arrived from Nepal by land in August, with 90,000 tons of that being soyoil, and these duty-free volumes are left out of the headline totals. Rajesh Patel of GGN Research said refiners also favoured nearby deliveries, which cost less than cargoes for later months. Sandeep Bajoria of Sunvin Group expects soyoil and palm oil purchases to stay very high in September.