At the end of the 2023/24 season (November 2023 - October 2024), India could import about 16 million tonnes of vegetable oils, including 3 million tonnes of unrefined sunflower oil. This forecast was made by the national association of vegetable oil producers SEA (Solvent Extractors' Association of India) to “Oleoscope”.
According to BV Mehta, executive director of the association, 1,35 million tons of sunflower oil have already been imported into the country since the beginning of the current agricultural year. According to the expert, the main suppliers are Russia and Romania, followed by Argentina and Ukraine.
“Sunflower oil used to be considered a premium product and was more expensive than soy and palm oil. However, declining production in Indonesia and Malaysia has led to a supply shortage and an increase in palm oil prices,” Mehta told Oleoscope.
According to him, as of April 5, crude palm oil prices were at $1045 per tonne (CIF India), while sunflower oil was cheaper, selling at $975 per tonne and soybean oil at $1025 per tonne.
“This has led to a shift in demand from palm oil to liquid oils, which is also evident from India importing a record amount of sunflower oil in the last two months, namely 297.000 tonnes in February and 446.000 tonnes in March,” the SEA added -Manager added.
Source: oleoscope (Russian)