Indian importers purchase 5 lakh tonnes of sunflower oil for June delivery
25-Jun-2024 05:04 PM
Mumbai. Importers and customs department officials have said that there is intense competition between the two top supplier countries - Russia and Ukraine - to increase their share in the Indian edible oil market, due to which the price of sunflower oil has come down to even below soybean oil and palm oil.
This is encouraging Indian importers to buy it in huge quantities from there. It is understood that a record purchase of about 5 lakh tonnes of sunflower has been contracted by Indian importers for June delivery.
India is the largest importer of vegetable oils in the world. Record import of sunflower oil here will give the countries of the Black Sea region an opportunity to reduce their previous stock. In the next few weeks, harvesting and preparation of the new crop of sunflower oil is going to start in Russia-Ukraine and Romania, due to which the production of its oil will increase regularly.
Due to this, the stock of sunflower oil will increase with the millers-processors, so they are being forced to sell the old stock at a cheaper price. According to a leading importer,
the price of sunflower oil has fallen below soybean oil and even palm oil, due to which Indian buyers are purchasing it in large quantities.
On the other hand, the demand and consumption of sunflower oil is increasing rapidly in the southern states of India. A few weeks ago,
the price of crude sunflower oil for access to Indian ports for June delivery was running at $ 940 per tonne,
while the price of crude soybean oil was $ 1015 per tonne and the price of crude palm oil was $ 950 per tonne. According to industry analysts,
the price of sunflower oil is usually more than $ 100 per tonne higher than soybean oil and palm oil, but now the situation has changed.
India imports sunflower oil in large quantities from Russia, Ukraine, Argentina and Romania and now the competition to capture the Indian market has increased a lot. During the last season, India imported an average of 2.50 lakh tonnes of sunflower oil every month.