Mumbai, September 14 (Commodities Control):The Solvent Extractors' Association (SEA) has unveiled a compelling report indicating a significant rise in India's import of edible oils. This spike has markedly elevated stock levels at ports and within pipelines, achieving a record unseen since October 2022.
As delineated in the report's provisional data, edible oil stocks at various ports as of September 1st, 2023, stand at 1,464,000 tons. The detailed breakdown is as follows:
- Crude Palm Oil (CPO): 553,000 tons
- RBD Palmolein: 232,000 tons
- Degummed Soybean Oil: 383,000 tons
- Crude Sunflower Oil: 296,000 tons
Considering domestic production and consumption patterns, the reported pipeline stock rises to an impressive 2,271,000 tons.
Taken together, this amounts to a total edible oil stockpile of a remarkable 3,735,000 tons as of September 1st, 2023. For perspective, the total stock was reported at 3,285,000 tons on August 1st, 2023.
The significant increase in stock levels, coupled with reduced demand during the Sravan month and Adhikmas, has led to subdued prices. Market participants are now optimistic about a resurgence in demand due to the upcoming festival season. However, even if demand does improve, prices are expected to remain at a discount compared to international markets due to elevated inventory levels.
(By CommoditiesControl Bureau; +91-9820130172)
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