In January, India’s palm oil imports hit a 14-year low as refiners opted for cheaper soyoil due to negative refining margins. Palm oil imports plunged 45% from December to 275,241 tons, marking their lowest level since March 2011.
The drop in imports was due to negative refining margins, making refiners switch to cheaper soyoil.
Soyoil imports rose 5.6% to 444,026 tons, the highest in seven months, while sunflower oil imports increased 8.9% to 288,284 tons.
Lower palm oil imports reduced total vegetable oil imports by 14.8% to 1 million tons, the lowest in 11 months.
Vegetable oil inventories dropped to 2.18 million tons in early February, the lowest since April 2022.
Palm oil imports may rise slightly in February but will stay lower than usual, while soyoil imports may fall and sunflower oil imports could see a small increase.
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