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.