Import of Vegetable Oils in India - Apr.’24 – Up by 26%

The Solvent Extractors’ Association of India has compiled the Import data of Vegetable Oils (edible & non-edible) for the month of April 2024. Import of vegetable oils during April 2024 is reported at 1,318,528 tons compared to 1,050,189 tons in April 2023, consisting 1,304,409 tons of edible oils and 14,119 tons of non-edible oils i.e. up by 26%. The overall import of vegetable oils during first six months of the oil year during  Nov.’23 to Apr.’24 is reported at 7,148,643 tons compared to 8,110,381 tons during the same period of last year i.e. down by 12%.

Import of Vegetable Oil (Edible & Non-edible) Nov.’23 – Apr.’24 (Qty. in  MT)

Bearish Price Trend:

In Last one month, price trend is downward which encouraged higher import during April.’ 24.  international price of RBD Palmolein & CPO declined by nearly US$ 100/tons, While Soybean oil down by US$ 40/ tons and Sunflower Oil down by just US$ 15/ tons in last one month.

Mr. Dorab Mistry at Globoil International held at Dubai during 6th – 8th May 2024, made certain observations on price outlook pointing ongoing challenges for CBOT soya oil futures due to competition from cheaper biodiesel alternatives, positioning cash US soya oil as the priciest vegetable oil globally and bolstering Canola prices. Sun oil prices seem to have stabilized after reaching a low point. Looking ahead, key influences will stem from North American weather patterns, palm production levels, and biofuel mandates. While futures may fluctuate, a bearish stance on agricultural prices seems unwarranted given the unpredictable nature of climate conditions. Further Mr. Dorab Mistry predicted, Palm Oil Futures on BMD during May – June 2024 to trade between MYR 3700 to MYR 4300 per tons.

Domestic Stock as on 1st May. 2024:

The stock of edible oils  as on 1st May.,2024 at various ports is provisionally estimated at 603,000 tons (CPO 226,000 tons, RBD Palmolein 79,000 tons, Degummed Soybean Oil 123,000 tons and Crude Sunflower Oil 175,000 tons) and pipeline stock considering domestic production and consumption  reported at 1,642,000 tons.  The Total stock as on 1st May., 2024 reported at 2,245,000 tons compared to 2,315,000 tons as on 1st Apr., 2024 reduced by 70,000 tons and compared to May.’23 down by 10.00 lakh tons.

Current Stock Position at Ports & Pipelines: (Qty. in ‘000 M.T.) 

Import of Refined & Crude Oil Ratio :-

During Nov.’23-Apr.’24, first six months of oil year 2023-24, 1,010,835 tons of refined oil (RBD Palmolein) being imported compared to 1,101,347 tons down by 8% and 6,058,806 tons of crude oil imported compared to 6,900,689 tons down by 12% in Nov.’22-Apr.’23. The share of Refined Oils (RBD Palmolein) and Crude Oils share remain same compared to last year.

Import of Refined & Crude Edible Oils (Ratio) Nov.’23 – Apr.’24 (Qty. in MT)

Import of Palm Oil and Soft Oil :-

During Nov.’23-Apr.’24 first six months of oil year 2023-24, Palm Oil import decreased to 4,213,933 tons from 4,909,223 tons, Also Soft Oil import has decreased to 2,855,709 tons from 3,092,814 tons in Nov.’22-Apr.’23,.  Share of Palm Oil decreased marginally to 60% from 61% However, Soft Oils share increased marginally to 40% from 39% compared to last year of Nov.’22-Apr.’23.

Import of Palm Oil & Soft Oil (Ratio) Nov.’23 – Apr.’24 (Qty. in MT)

Country-wise Import of Palm & Soft Oil:

Indonesia and Malaysia are the major suppliers of RBD Palmolein and Crude Palm Oil to India. During Nov.’23-Apr.’24, Indonesia was major supplier of CPO (1,528,256 tons) and RBD Palmolein (880,027 tons) followed by Malaysia of CPO (1,320,028 tons),RBD Palmolein (130,808 tons) and CPKO (53,927 tons). In case of Crude Soybean Degummed Oil, India mainly imported from Argentina (664,675 tons) followed by Brazil (449,280 tons) while Crude Sunflower Oil mainly imported from Russia (626,812 tons) followed by Romania (521,373 tons), Argentina (176,776 tons)  and Ukraine (169,638 tons).

Country-wise Import of Edible Oils – Nov.’23 – Apr.’24 (Qty. in MT)

Average Prices and Rupee appreciation: (Price in US$/CIF Indian Port/Ton)

Import of Non-edible Oils :

P.F.A.D. and P.K.F.A.D are the major non-edible oils being imported by the Soap and Ole-chemical industry. Import of Non-edible oils during Nov.’23 to Apr.’24 reported at 79,002 tons compared to 108,345 tons during the same period of last year i.e. down by 27%.