Edible oil prices fall as Israel-Iran ceasefire holds, port delays reduce
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With the Israel-Iran ceasefire holding up and cargo congestion at Kandla Port improving, prices of edible oils have started declining. Prices of imported palm oil have fallen by $30 per tonne to $1,060 per tonne, soya oil by $20 per tonne to $1,150 per tonne, and sunflower oil by $10 per tonne to $1,200 per tonne in the past three days, said industry executives.'Prices had gone up after tension escalated between Iran and Israel. Additionally, the congestion at Kandla Port had further pushed up prices, as the domestic edible oil industry feared a shortage of imported oil. But the situation has eased now and prices have started falling,' said Sandeep Bajoria, CEO of Sunvin Group, a Mumbai-based oil trading company.'Prices have fallen by ₹3 per kg in the last two days for all categories of oil. There is no dearth of edible oil now. Prices are under pressure. For consumers, prices may fall by 2–3%,' said Pradeep Chowdhary, Managing Director of Gemini Edibles and Fats.Iran also buys palm oil from Indonesia and Malaysia, he said, adding, 'Since tension escalated between Iran and Israel, exports of palm oil from Indonesia and Malaysia have taken a beating. Therefore, there is now sufficient palm oil in the two Southeast Asian nations. Automatically, that will put pressure on prices of palm oil, which is largely used by the hotel, restaurant and catering sector.'Congestion at Kandla Port has reduced to five to six days from 15 to 20 days earlier.'Two vessels are on berth, four vessels have arrived and are waiting for berth, and 12 vessels are expected between June 27 and July 10,' said Sudhakar Desai, CEO of Emami Agrotech and President of the Indian Vegetable Oil Producers' Association.While palm oil comes from Malaysia and Indonesia, India imports soya oil and sunflower oil from Argentina, Brazil, Russia and Ukraine.India's edible oil imports fell for the sixth consecutive month in May by 22.36% year-on-year to 1.19 million tonnes, according to data released by the Solvent Extractors' Association of India (SEA).As per SEA data, palm oil imports declined 22.32% to about 592,000 tonnes in May from about 763,000 tonnes a year ago. Soybean oil imports fell 23% to about 398,000 tonnes, while sunflower oil imports plunged 55.30% to about 183,000 tonnes.The share of palm oil has decreased to 42% from 58% in the past seven months of the current oil year, which began in November 2024, while that of soft oils such as sunflower and soybean oils has increased to 57% from 42%.
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