India's palm oil imports fall 41% month-on-month to lowest level in 9 months

India's palm oil imports in December dropped by 41% to their lowest level in nine months, totaling 500,175 tonnes, as reported by the Solvent Extractors Association of India (SEA). This decrease is due to high prices, with palm oil prices at their highest in 2.5 years. As a result, refiners have shifted to soybean oil, which is currently available at a discount. Soybean oil imports rose by 3.2% in December, reaching 420,651 tonnes, the highest in four months. In contrast, sunflower oil imports experienced a 22.3% decrease to 264,836 tonnes. Overall, India's total vegetable oil imports in December fell by 24.3% to 1.23 million tonnes, the lowest in three months. This shift from palm oil to soybean oil is expected to have an impact on benchmark Malaysian palm oil prices but could support U.S. soybean oil futures.

By Rajendra Jadhav and Ashitha Shivaprasad (Reuters) - India’s palm oil imports fell 41% in December from the previous month to their lowest level in nine months as prices at their highest in 2-1/2 years prompted refiners to increase purchases of soybean oil, which is available at a discount, a leading trade body said. Reduced palm oil imports by India, the world’s biggest buyer of vegetable oils, could weigh on benchmark Malaysian palm oil prices but support U.S. soybean oil futures. Palm oil imports in December fell to 500,175 tonnes, the lowest since March 2024, the Solvent Extractors Association of India (SEA) said in a statement on Tuesday. Imports of soybean oil rose 3.2% to 420,651 tonnes, the highest in four months, while purchases of sunflower oil fell 22.3% to 264,836 tonnes, the trade body said. Lower import volumes of palm oil and sunflower oil reduced the country’s total vegetable oil imports in December by 24.3% to 1.23 million tonnes, the lowest in three months, the ...