MUMBAI (Commoditiescontrol) – India vegetable oil imports during April rose 12 percent at 12.42 lakh tonnes versus 11.08 lakh tonnes same period a year, an industry body said today.
The overall import of vegetable oils during first six months of the current oil year November 2015- April 2016 is reported at 7,557,169 tonnes compared to 6,466,902 tonnes i.e. up by 17%, said Solvent Extractors’ Association of India (SEA).
Sharp Increase In RBD Palmolein Import (168%)
The import of RBD Palmolein during the first six months of the current oil year i.e. from November 2015 to April 2016 jumped to 13.23 lakh tonnes from 4.92 lakh tonnes (168%) replacing import of CPO and expected to increase further in the coming months.
Dr B.V Mehta, Executive Director, SEA, said “The rising imports of RBD Palmolein is seriously hurting the domestic refining industry. This situation has arisen due to the fact that currently the landed cost of RBD olein (finished product) is lesser than Crude Palm Oil (CPO - raw material).”
Mehta said due to this situation, the domestic refining industry is facing severe crisis of underutilization of capacity and is on the verge of closure. Presently tax on export of CPO from Indonesia/Malaysia is higher by 5 percent in comparison to Refined Palm Oil/Olein.
This differential will keep increasing with increase in prices of Palm Oil in the origin countries. Therefore duty differential in India has to be made variable to be in line with the differential duty prevailing in Malaysia/Indonesia and justify to increase in duty difference between crude and refined vegetable oils from 7.5% to 15%, said Mehta.
Stock Position at Port and in Pipelines
Current stock of edible oils as on 1st May, 2016 at various ports is estimated at 940,000 tons (CPO 260,000 tons, RBD Palmolein 220,000 tons, Degummed Soybean Oil 330,000 tons, Crude Sunflower Oil 90,000 tons and 40,000 tons of Rapeseed (Canola) Oil) and about 1,500,000 tons in pipelines. Total stock at ports and in pipelines increased to 2,440,000 tons from 2,310,000 tons in April 2016. India’s monthly requirement is about 16.5 lakh tons and operate at 30 days’ stock against which currently holding stock over 24.40 lakh tons equal to 44 days’ requirements. The overall stock as on 1st May, 2016 has increased by 340,000 tons compared to 1st May, 2015.
Import of Palm & Soft Oil Ratio
Sharp increase in import of Soft Oils During Nov.15 – Apr.’16, Palm Oil import has marginally increased to 4,332,100 tons from 4,211,301 tons during the same period of last year, while, soft oils import sharply increased to 3,162,589 tons from 2,143,324 tons last year. The share of soft oils imports increased to 42% from 34% last year while, share of palm oil products down to 58% from 66%.
Average Prices And Rupee Depreciation
In last three months, due to reduction in stock of Palm Oil at origins, CIF Indian port prices of edible oils has moved upward. The difference between RBD Palmolein & CPO reduced from month to month and currently as on 11th May,2016, RBD Palmolein (US$ 735) (finished products) is cheaper than Crude Palm Oil (US$ 737) (raw material).
Import of Non-Edible Oils
Import of Non-edible oils during Nov.15 – Apr.’16 is reported at 62,480 tons compared to 112,7274 tons during the same period last year. i.e. down by 44%. P.F.A.D., P.K.F.A.D.,C.P.K.O. & RBD Palm Stearin are the major import of non-edible oils. We are enclosing herewith detailed statements of Import of Edible and Non-Edible Oils during Nov.15 – Apr.’16 with comparative period for previous year for your kind information and necessary coverage in your esteemed media & oblige.
(BY Commoditiescontrol Bureau; +91-22-40015533)
0 Comments 
Post Comment 
