Latest news with #SolventExtractors'AssociationofIndia
Business Recorder
3 hours ago
- Business
- Business Recorder
India cuts import tax on crude edible oils to help reduce food prices
MUMBAI: India halved the basic import tax on crude edible oils to 10% on Friday, the government said, as the world's biggest vegetable oil importer tries to bring down food prices and help the local refining industry. The customs duty applies to crude palm oil, crude soyoil and crude sunflower oil. It will effectively bring down the total import duty on the three oils to 16.5% from earlier 27.5% as they are also subject to India's Agriculture Infrastructure and Development Cess and Social Welfare Surcharge. 'This is a win-win situation for vegetable oil refiners as well as consumers, as local prices will go down due to the duty reduction,' said B.V. Mehta, executive director of the Solvent Extractors' Association of India (SEA). The government did not change the import duty on refined palm oil, refined soyoil or refined sunflower oil, which currently attract a 35.75% import tax. The import duty gap between refined and crude edible oils has risen to 19.25%, which will prompt importers to bring in crude edible oils instead of refined oils and boost the local refining industry, Mehta said. India meets more than 70% of its vegetable oil demand through imports. It buys palm oil mainly from Indonesia, Malaysia and Thailand, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine. Sandeep Bajoria, CEO of Sunvin Group, a vegetable oil brokerage, said the cut in the basic duty would bring down edible oil prices and help revive retail demand, which has been subdued in recent months.
India Today
3 days ago
- Business
- India Today
India reduces import tax on crude edible oils by 10% to bring down food prices
India halved the basic import tax on crude edible oils to 10 per cent on Friday, the government said, as the world's biggest vegetable oil importer tries to bring down food prices and help the local refining customs duty applies to crude palm oil FCPOc3, crude soy oil BOc2 and crude sunflower will effectively bring down the total import duty on the three oils to 16.5 per cent from earlier 27.5 per cent as they are also subject to India's Agriculture Infrastructure and Development Cess and Social Welfare "This is a win-win situation for vegetable oil refiners as well as consumers, as local prices will go down due to the duty reduction," said B.V. Mehta, executive director of the Solvent Extractors' Association of India (SEA).The government did not change the import duty on refined palm oil, refined soyoil or refined sunflower oil, which currently attract a 35.75 per cent import import duty gap between refined and crude edible oils has risen to 19.25 per cent, which will prompt importers to bring in crude edible oils instead of refined oils and boost the local refining industry, Mehta meets more than 70 per cent of its vegetable oil demand through imports. It buys palm oil mainly from Indonesia, Malaysia and Thailand, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Bajoria, CEO of Sunvin Group, a vegetable oil brokerage, said the cut in the basic duty would bring down edible oil prices and help revive retail demand, which has been subdued in recent months.
Time of India
14-05-2025
- Business
- Time of India
India's palm oil imports in April fall over 24% m/m
India's palm oil imports in April fell 24.29% from March to 321,446 metric tons, the Solvent Extractors' Association of India ( SEA ) said on Wednesday. Imports of soyoil increased 1.6% to 360,984 tons and sunflower oil imports fell 5.5% to 180,128 tons, the industry trade body said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like If You Need To Kill Time On Your Computer, This Popular Strategy Game Is A Must Forge Of Empires Play Now Undo
The Star
07-05-2025
- Business
- The Star
Palm oil prices to hit 2-year low at RM3,500 per tonne in June-November, analyst Mistry says
MUMBAI: Malaysian palm oil futures are likely to extend their decline and trade near a two-year low of RM3,500 per metric ton from June to November as recovery in production leads to a stock build, industry analyst Dorab Mistry said on Wednesday. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange lost 38 ringgit, or 1%, to 3,754 ringgit a metric ton by the midday break. They hit a more than two-year high of 5,202 ringgit in November. "Palm oil stock-build has commenced. Supplies look plentiful especially as production picks up from now," Mistry told an industry conference in Dubai. Palm oil production usually rises in top two producers, Indonesia and Malaysia, in the second half of the year. Palm oil's premium over rival soyoil in recent months led to a loss of market share. However, palm oil has now become slightly competitive and must maintain this competitiveness to recover its market share, he said, referring to the recent fall in prices. In India, a top palm oil importer, the share of palm oil in the country's vegetable oil imports fell to 43% during November to March, compared to 61% a year ago, according to data compiled by industry body Solvent Extractors' Association of India. U.S. soyoil futures are expected to remain strong due to rising demand from the local biofuel industry, following Indonesia's restriction on exports of used cooking oil and palm oil mill effluent, which were previously used for biofuels, Mistry said. India's vegetable oil imports in 2025 are likely to fall from a year ago as the crushing of oilseeds, especially rapeseed, gains momentum due to export demand for rapeseed meal, he said. China has been raising Indian rapeseed meal purchases after Chinese authorities imposed a 100% retaliatory tariff on Canadian imports. - Reuters
Business Recorder
04-05-2025
- Business
- Business Recorder
India's April palm oil imports drop, remain below normal levels
MUMBAI: India's palm oil imports in April fell by nearly a quarter from the previous month, marking the fifth consecutive month below normal levels, as the tropical oil's premium over rival soyoil led to higher soyoil purchases, according to five dealers. Lower-than-normal palm oil imports by India, the world's biggest buyer of vegetable oils, could pressure Malaysian palm oil prices and support US soyoil futures. Palm oil imports in April fell 24% month-on-month to 322,000 metric tons, according to estimates from dealers. India imported an average of more than 750,000 tons of palm oil each month during the marketing year that ended in October 2024, said the Solvent Extractors' Association of India, which is set to publish its April import data by mid-May. Palm oil prices have been elevated due to tight supplies, which encouraged price-sensitive buyers to increase soyoil purchases, said Sandeep Bajoria, CEO of Sunvin Group, a vegetable oil brokerage. Traders have been opting for lower-priced soyoil for the past several months, and imports increased again in April, rising 2% month-on-month to 363,000 tons, dealers said. Sunflower oil imports, meanwhile, fell nearly 6% to 180,000 metric tons, the lowest in seven months. Lower imports of palm oil and sunflower oil lowered India's total edible oil imports in April to 865,000 tons, marking an 11% drop from the prior month, according to dealers' estimates. Palm oil, however, has now started trading at a discount to soyoil, which is encouraging Indian buyers to increase palm oil purchases for shipments from May onwards, said Rajesh Patel, managing partner at GGN Research, an edible oil trader. India buys palm oil mainly from Indonesia and Malaysia, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine. Nepal's edible oil imports were 85,000 tons in April, down from 135,000 tons in March, GGN Research estimated. More than half of Nepal's imports are ultimately destined for re-export to the Indian market as refined products since goods from the Himalayan country are tax-free under the South Asian Free Trade Agreement (SAFTA), Patel said.
