Lower prices and sunflower oil disruptions are driving India’s August soyoil imports to a record 620,000 metric tonnes ahead of the festive season.
India’s soyoil imports are set to hit a record high in August, with competitive prices prompting refiners to boost purchases ahead of festive demand, while disruptions to sunflower oil shipments caused by the Russia-Ukraine war push buyers toward alternative oils. Soyoil imports for the month are likely to rise to 620,000 metric tonnes, nearly 46 per cent above the average monthly imports of 424,549 tonnes recorded so far in the current marketing year, which began in November, according to traders directly involved in the trade deals.
Source: Reuters
