Black sea deal off- Crude sunflower import price rise 10%
时间:2024-06-26 18:15:45 阅读(143)
With the discontinuation of the Ukraine and Russia black sea deal, the landed prices of crude sunflower oil has risen by 10% to $1050/tonne on July 21 against $ 960/tonne a week back.
Although current sunflower import prices are still 35% below the last year’s high of $ 1413/tonne, industry sources told FE that supply disruption in Ukraine, which has about 30% share in edible oil variety imports could push up prices.
In the current oil year (Nov, 2022 – June, 2023), out of the total crude sunflower oil import of 1.85 million tonne (MT), the share of Russia and Ukraine is 40% and 30% respectively.
Last year Russia had allowed export of commodities from war-torn Ukraine through black Sea which had improved global supplies of sunflower and wheat.
The edible oil import during November, 2022 – June, 2023 rose by 12% to 10.36 million tonne (MT) compared to same period in the previous year. Major chunk of imports include palm (44%) , soybean (24%) and sunflower (18%).
“With rising prices of sunflower oil, imports of palm oil could see an increase in the coming months,” BV Mehtra, executive director, Solvent Extractors Association of India, told FE.
The landed prices of palm oil (at Mumbai port), which has highest share in imports of edible oil, declined by 13% to $970/tonne on July 24 this year, against the $1,1120/tonne that prevailed a year ago.
At present, crude palm, soybean and sunflower oil imports attract only a 5% agri infra cess and a 10% education cess, meaning a total tax incidence of 5.5%.
India imports about 56% of its annual edible oil consumption of 24-25 MT. About 8 MT of palm oil is imported from Indonesia and Malaysia annually.
Inflation in the oil and fats category declined by 18.12% in June 2023.
Farmers’ organisations and edible oil processors have been urging the government to hike import duties to bring parity with domestic edible oil prices.
The share of domestic edible oil includes mustard (40%), soyabean (24%) and groundnut (7%) and others.
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If the current trend continues for a longer period of time, not only oil mills but oilseeds growers will also not be able to get good rates of their produce, says Samir Shah, president of Gujarat State Edible Oils and Oil Seeds Association (GEOA). Shah who is also past president of SOMA says that due to various international factors rates of edible oils had gone up considerably, especially imported oils earlier this year.
“With a view to curb rising prices of edible oil, the Government of India reduced import duty on edible oils. Considering the fact that India is producing hardly 30 percent of its edible oil requirement, the decision was right at that point of time. Now when international prices of edible oils have gone down by 15 percent to 25 percent and high production period has started in edible oil exporting countries, the government should gradually increase import duty to protect local oil mills and oilseeds growers,” said Shah. GEOA has also made representation before Union Minister for Commerce & Consumer Affairs, Piyush Goyal to increase import duty.
In June import duty on edible oils was ranging from 35 to 55 percent, since then the government gradually reduced import duty and at present it is ranging from zero percent to 15 percent on different edible oils, he said.
Just a month back prices of edible oils were through the roof and the government took appropriate measures by reducing import duty in order to protect consumers, says Atul Chaturvedi, president of Solvent Extractors Association of India (SEA). “Prices of edible oils are coming down globally. Kharif sowing has already started across the country. In the interest of local farmers, it is high time to enhance import duty in a phased manner to encourage local edible oil value chain,” opined Chaturvedi.
On Thursday imported Palm oil prices were at around Rs 2100 per 15 kg as against local Rs 2700 and Rs 2550 of groundnut and cottonseed oils. Prices of other local oils including ricebran, coconut, soyabean and mustard remained as high as Rs 2350, Rs 2520, Rs 2500 and Rs 2580 respectively.
India imports around 13-13.5 million tonnes of edible oils, of which around 8-8.5 million tonnes (around 63 per cent) are palm oil. Though the price of other imported Sunflower oil remained at around Rs 2700 per 15 kg, but import quantity of the oil is much lower than that of palm oil.
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