The Solvent Extractors Association (SEA) informed that the oil imports of India in Nov improved by 6.23% and reached 12.48 lakh tonnes because of higher deliveries of raw sunflower and soyabean oil.
During the same time interval of recent times, the Food preparation (vegetable) oil imports were at 11.75 lakh tonnes. About 60% of the total oil transfer was of hand oil. The federal govt in Nov 2017 had improved the transfer responsibility on delicious sebum to 15% so as to guard the farm owners.
As per the SEA data, the oil transfer of the country improved from 5,57,364 tonnes in Nov 2016 to 5,59,584 tonnes in this Nov.
Soyabean oil imports reached to 2,73,928 tonnes from 1,64,286 tonnes in the said interval. The sunflower oil deliveries improved from 1,58,071 tonnes to 1,93,810 tonnes in the same interval. The Canola oil transfer improved from 32,195 tonnes in last Nov to 40,609 tonnes in the same month of this year.
RBD palmolein transfer came down from 2,40,948 tonnes in Nov 2016 to 1,47,362 tonnes in Nov this year.
Imports of non-edible oil improved from 19,601 tonnes in the Nov month last year to 23,495 tonnes in Nov 2017.
The SEA informed on the duty hike on delicious oil that “the statement is different the feeling and the market has shifted way up and now prices of soybean and groundnut touched MSP which were judgment much below prior to import duty hike.”
The cottonseed oil duties were not modified and remained at 12.5% on raw and 20% on enhanced ones. The cottonseed farm owners are asking the govt to take care of their interests as the cheap imports are eating into their profits.
The SEA provided the figure as on Dec 1, that delicious oil inventory at various slots was 8,47,000 tonnes and about 14,20,000 tonnes were in transit. India needs 18 lakh tonnes of oil each month. The current inventory can meet Indian requirements for about 38 days.
India purchases hand oil from Philippines and Malaysia mainly. Some crude soft oil, including soyabean oil, is brought in from Latin America. Ukraine and Russia supply sunflower oil.