India's August soyoil, palm oil imports rise on stocking

Business Recorder reported that India's soyoil imports reached a record in August, while palm oil purchases touched a six-month high as refiners built stocks before the festival period. The Solvent Extractors' Association of India said soyoil imports rose 26% to 628,736 tons, and overall edible oil imports went up 1.5%, reaching 1.57 million tons, the highest in 11 months.

In August, palm oil arrivals reached 782,761 metric tons, up 7% on the previous month and the strongest since February, while sunflower oil imports dropped 36% to 160,639 tons. Edible oil demand usually reaches its peak in the August to November window, which contains a series of Indian festivals. A Mumbai trader at a worldwide trading firm said refiners stepped up purchases to replenish inventories ahead of the festivals. A New Delhi dealer said soyoil is priced competitively against palm oil, while Black Sea supplies of sunflower oil have been hit by the conflict.

Congestion has also built up at major ports, with unloading held up for as many as 10 days as onshore tanks fill, Reuters reported last week, citing trade officials. Argentina, Brazil, Russia and Ukraine are the main origins for soyoil and sunflower oil, while Indonesia and Malaysia supply the bulk of palm oil.