MUMBAI (Commoditiescontrol) - The Solvent Extractors’ Association of India (SEA) has compiled the Import data of Vegetable Oils (edible & non-edible) for the month of February 2019.
Import of vegetable oils during February 2019 is reported at 1,242,533 tons compared to 1,157,044 tons in February 2018, consisting 1,182,062 tons of edible oils and 60,471 tons of non-edible oils i.e. up by 7.4%.
The overall import of vegetable oils during November 2018 to February 2019 is reported at 4,862,849 tons compared to 4,785,778 tons i.e. up by 1.61%, thanks to higher import duty.
Sharp Increased in Import of RBD Palmolien
Ministry of Finance w.e.f. 1.1.2019 reduced import duty on palm oil and also reduced the duty difference between crude and palm oil from 10% to 5% on palmolein to be imported from Malaysia. This has resulted into sharp increased in import of RBD Palmolein and nearly doubled to 241,101 tons in Feb.’19 from 130,459 tons in Dec.’18 i.e. up by 85% at the cost of reduced import of CPO. This is likely to increase in coming months considering the shipments lined up from Malaysia for export of RBD Palmolein to India. This development has the potential of sounding the death knell of Palm Refining Industry in our Country, if this aberration is not corrected.
Stock Position at Port & in Pipeline
The stock of edible oils as on 1st March, 2019 at various ports is estimated at 915,000 tons (CPO 470,000 tons, RBD Palmolein 235,000 tons, Degummed Soybean Oil 90,000 tons and Crude Sunflower Oil 120,000 tons to and about 12,80,000 tons in pipelines. Total stock at ports and in pipelines is reported at 2,195,000 tons, increased by 85,000 tons from 2,110,000 tons as on 1st February, 2019. India’s monthly requirement is about 19.0 lakh tons and operate at 30 days stock against which currently holding stock over 21.95 lakh tons equal to 35 days requirements.
Import of Refined & Crude Oil Ratio:
During Nov’18.-Feb.’19, Import of refined oil (RBD Palmolein) increased to 647,900 tons from 607,359 tons in same period of last year, however, Imports of crude oil decreased and reported at 3,963,912 tons from 4,048,091 tons during the same period of last year.
Import of Palm & Soft Oil Ratio: Favoring Palm Oil
During Nov.’18-Feb.’19, Palm Oil import has marginally increased to 3,070,466 tons from 3,034,514 tons during the same period of last year, however Soft Oils import decreased to 1,541,346 tons from 1,620,936 tons during the same period of last year. The ratio is tilting in favour of palm oil.
However, on monthly basis, total palm oil imports decreased by 7.8% from 815,236 tons imported in Jan’19 to 751,703 imported in Feb’19. Soya oil Feb’19 imports have risen by 18.5% on mom basis to 220,376 vs 185,906 tons observed previous month. Sunflower oil imports were almost stagnant at 200,358 tons vs 200,027 tons during last month.
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