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India set for record soyoil imports

economictimes.indiatimes.com · 5h · first reportShare

Mumbai: India's soyoil imports are set to hit a record high in August as competitive prices prompt refiners ​to boost purchases for festive demand, while disruptions ​to sunflower oil shipments due to the Russia-Ukraine war push buyers to switch oils, ​dealers said.Soyoil imports in August are likely to rise to 620,000 metric tons, nearly 46% above the average monthly imports of 424,549 tons so far in the current marketing year, which began in November, according to four traders directly involved in trade deals. The traders did ‌not wish to ⁠be named ⁠in line with their companies' policies.Also read: India should bring back fuel with lower blend of ethanol, chief economic adviser says"Soyoil prices are very competitive. At the same time, there are disruptions to sunflower oil shipments. That is making ​soyoil even more attractive," said Sandeep Bajoria, chief executive of Sunvin Group, a Mumbai-based vegetable oil brokerage.In recent months, Russia and Ukraine ​have increasingly target