Import of Vegetable Oils during November 2024, first month of the Oil Year 2024-25, reported record quantity of 1,627,642 tons compared 1,459,814 tons in October 2024 i.e. up by 12%  and 1,160,590 tons during Nov.’23 i.e. up by 40%.  Import of RBD Palmolein during November 2024 reported at 284,537 tons compared to 171,069 tons in November 2023. The import of Crude Sunflower Oil sharply increased to 340,660 tons from 128,707 ton and Soybean Oil import jumped to 407,648 tons from 149,894 tons compared to November 2023.

Lift the Suspension on Future Trading :

Indian vegetable oil importers have quickly adjusted to the change in price differentials on the world market. Unusually strong price competitiveness has resulted in booming Argentine soya oil import in India since October. Excessing import of soybean are placing pressure on domestic soybean prices which is currently quoted around Rs. 4250/4300 per quintal against MSP of Rs. 4,892 per quintal are complicating the situation for Indian soybean processors who already suffer from poor competitiveness of their soya meal on the world market. In the mean while, to support the farmers and market, Association has urged the Central Government to lift the suspension of Future Trading on CPO, SBO, Mustardseed, Soybean and not extend beyond 20th December, 2024.

Import of Vegetable Oil (Edible & Non-edible) November, 2024 (Qty. in  MT)

Edible Oils Nov.,2024 Oct.,2024 Nov.,2023
RBD Palmolein 284,537 236,175 171,069
Crude Palm Oil 547,309 596,929 692,423
Crude Sunflower Oil 340,660 239,116 128,707
Crude Soybean Oil 407,648 341,818 149,894
Rape Oil (Canola) --- --- ---
Crude Palm Kernel Oil 10,147 12,578 5,999
Sub-Total 1,590,301 1,426,615 1,148,092
P.F.A.D. 29,342 26,199 7,500
P.K.F.A.D. --- --- 4,998
C.P.S. --- --- ---
RBD Palm Stearin 7,999 7,000 ---
Others --- --- ---
Sub-Total 37,341 33,199 12,498
Grand Total 1,627,642 1,459,814 1,160,590

Domestic Stock as on 1st Dec. 2024 :

In view of higher import during November 2024, the stock of edible oils  as on 1st Dec.,2024 at various ports is increased and  provisionally estimated at 998,000 tons (CPO 322,000 tons, RBD Palmolein 212,000 tons, Degummed Soybean Oil 173,000 tons and Crude Sunflower Oil 291,000 tons) and pipeline stock considering domestic production and consumption  reported at 1,571,000 tons.  The Total stock as on 1st Dec., 2024 reported at 2,569,000 tons compared to 2,408,000 tons as on 1st Nov., 2024 increased by 161,000 tons.

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

  1st
Dec.
2024
1st
Nov.
2024
1st
Oct.
2024
1st
Sept.
2024
1st
Aug.
2024
1st
July
2024
1st
June
2024
1st
May
2024
1st
Apr.
2024
1st
Mar.
2024
1st
Feb.
2024
1st
Jan.
2024
1st
Dec
2023
Port Stock 998 657 820 1041 988 713 668 603 590 622 854 948 985
Pipelines 1571 1751 1634 1884 1914 1860 1749 1721 1725 1755 1795 1949 1975
Total Stock 2569 2408 2454 2925 2902 2573 2417 2324 2315 2377 2649 2897 2960

Import of RBD Palmolein on Rise  :-

During November 2024, 284,537 tons of refined oil (RBD Palmolein) being imported compared to 171,069 tons  and 1,305,764 tons of crude oil imported compared to 977,023 tons in November, 2023. The ratio of refined oil increased to 18% from 15%, while crude palm oil ratio is decreased to 82% from 85% even though increased in quantity of import.

Import of Refined & Crude Edible Oils (Ratio) November 2024 (Qty. in MT)

Year (Nov.-Oct) Refined Oils % Crude Oils % Total
Nov.,2024
Nov.,2023
284,537
171,069
18%
15%
1,305,764
977,023
82%
85%
1,590,301
1,148,092
2023-24 1,931,254 12% 14,031,317 88% 15,962,571
2022-23 2,106,645 13% 14,359,448 87% 16,466,093
2021-22 1,840,540 13% 12,189,300 87% 14,029,840
2020-21 686,340 5% 12,445,171 95% 13,131,511

Import of Palm Oil and Soft Oil :-

During November, 2024, Palm Oil import decreased to 841,993 tons from 869,491 tons, While Soft Oil import has increased to 748,308 tons from 278,601 tons in November, 2023. Share of Palm Oil decreased to 53% from 76% while  Soft Oils  increased to 47% from 24%.

Import of Palm Oil & Soft Oil (Ratio) November 2024 (Qty. in MT)

Year
(Nov-Oct)
Palm Oil Soft Oil % Total
(RBD Palmolein + CPO
+ Crude Olein + CPKO)
Soybean Sunflower Rape Others Total
Nov.,2024
Nov.,2023
841,993   
869,491
53%
76%
407,648
149,894
340,660
128,707
---
---
---
---
748,308
278,601
47%
24%
1,590,301
1,148,092
2023-24 9,015,574 56% 3,440,803 3,506,193 --- --- 6,946,996 44% 15,962,571
2022-23 9,789,062 59% 3,676,329 3,000,702 --- --- 6,677,031 41% 16,466,093
2021-22 7,914,626 56% 4,171,535 1,943,679 --- --- 6,115,214 44% 14,029,840
2020-21 8,320,537 63% 2,865,619 1,893,578 51,777 --- 4,810,974 37% 13,131,511

Country-wise Import of Palm & Soft Oil:

Indonesia and Malaysia are the major suppliers of RBD Palmolein and Crude Palm Oil to India. During November 2024, Indonesia was major supplier of CPO (242,681 tons) and RBD Palmolein (240,135 tons) followed by Malaysia of CPO (261,488 tons) and RBD Palmolein (44,402 tons). In case of Crude Soybean Degummed Oil, India mainly imported from Argentina (337,157 tons) followed by Brazil (22,298 tons) and Russia (23,643 tons) while Crude Sunflower Oil mainly imported from Russia (203,070 tons) followed by Ukraine (115,390 tons) and by Argentina (22,200 tons).

Country-wise Import of Edible Oils November 2024 (Qty. in MT)

Country RBD
Palmolein
Crude
Palm Oil
Crude Palm
Kernel Oil
Crude Soybean Oil Crude Sunflower Oil Crude
Rapeseed Oil
Total
Indonesia 240,135 242,681 --- --- --- --- 482,816
Malaysia 44,402 261,488 8,500 --- --- --- 314,390
Thailand --- 12,863 --- --- --- --- 12,863
Argentina --- --- --- 337,157 22,200 --- 359,357
Brazil --- --- --- 22,298 --- --- 22,298
Russia --- --- --- 23,643 203,070 --- 226,713
Ukraine --- --- --- --- 115,390 --- 115,390
Others --- 30,277 1,647 24,550 --- --- 56,474
Total 284,537 547,309 10,147 407,648 340,660 --- 1,590,301

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

Oils Nov
2024
Oct
2024
Sept
2024
Aug.
2024
July
2024
June
2024
May
2024
Apr
2024
Mar
2024
Feb
2024
Jan
2024
Dec
2023
Nov
2023
RBD Palmolein 1233 1135 1038 980 949 924 911 972 988 903 885 858 876
Crude Palm Oil 1269 1170 1071 1011 979 954 951 999 1018 933 911 883 897
Crude  Soybean Oil 1219 1154 1045 1015 1054 1049 1000 989 995 924 939 976 1068
Crude Sunflower Oil 1265 1168 1070 1019 1043 1065 987 970 964 920 933 945 979
Crude Rapeseed Oil NQ NQ NQ NQ 1049 1039 1012 1022 1028 984 1000 1002 1031
FE: 1US$  =(Average) 84.33 84.00 83.79 83.88 83.59 83.46 83.39 83.40 83.02 82.95 83.11 83.25 83.26

Import of Non-edible Oils :

P.F.A.D. and RBD Palm Stearin are the major non-edible oils being imported by the Soap and Ole-chemical industry. Import of Non-edible oils sharply increased by during November 2024 and reported at 37,341 tons compared to 12,498 tons November, 2023.

Regions
Countries