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ANALYSIS

Vegetable oil import for November 2017 increases by 7% to 12,48,810 MT
Monday, 18 December, 2017, 08 : 00 AM [IST]
Our Bureau, Mumbai
The Solvent Extractors’ Association (SEA) of India has compiled the import data of vegetable oils (edible and non-edible) for the month of November 2017. It was reported at 12,48,810 metric ton (MT) compared to 11,67,397 MT in October 2017 (a seven per cent increase) and 1,175,464 MT in November 2016.

Import of vegetable oil (Edible and non-edible)
(Quantity in MT)

Edible oils

Nov 2017

Oct 2017

Nov 2016

RBD Palmolein

1,47,362

1,47,441

2,40,948

Crude Palm Oil

5,59,584

5,97,217

5,57,364

Crude Sunflower Oil

1,93,810

1,28,791

1,58,071

Crude Soybean Oil

2,73,928

2,20,200

1,64,286

Rape Oil (Canola)

40,609

37,468

32,195

Crude Palm Kernel Oil

10,022

3,000

2,999

Sub-total

12,25,315

11,34,117

11,55,863

P F A D

12,996

27,141

9,423

P K F A D

1,000

-

-

C P K O

-

-

-

RBD Palm Sterin

9,499

6,139

8,178

Others

-

-

2,000

Sub-total

23,495

33,280

19,601

Grand total

12,48,810

11,67,397

11,75,464



Hike in import duty
The government of India recently raised the import duty on edible oils by 12.5 per cent to 15 per cent across the board to support the farmers to receive the remunerative prices for their produce.

This announcement has changed the sentiments, and the market has moved upward. And now the prices of soybean and groundnut touched the minimum support price (MSP) which were ruling much below prior to the announcement.

While the hike in duty, inadvertently cottonseed oil duties were not raised and remained unchanged at 12.5 per cent on crude and 20 per cent on refined cottonseed oil, which has created an anomalous situation and harming the interest of cottonseed farmers.

The association has since represented to the government of India to raise the duty on crude and refined cottonseed oils on the lines of other crude and refined oils.

Stock position at port and in pipeline
The stock of edible oils as on December 1, 2017 at various ports was estimated at 8,47,000 ton.

This comprised 3,45,000 ton of CPO, 1,15,000 ton of RBD Palmolein, 2,00,000 ton of Degummed Soybean Oil, 1,80,000 ton of Crude Sunflower Oil and 7,000 tons of Rapeseed (Canola) Oi) and about 14,20,000 ton in pipelines.

The total stock at ports and in pipelines was reported at 22,67,000 ton. It decreased by 77,000 ton from 23,44,000 ton in November, 2017.

India’s monthly requirement was about 18 lakh tons and operate at 30 days’ stock, against which the current holding stock, over 22.67 lakh ton, equalled 38 days’ requirements.

Stock position at ports and pipelines (Quantity in ’000 MT)


Dec1,

2017

Nov1, 2017

Oct 1, 2017

Sept 1, 2017

Aug 1, 2017

July 1, 2017

June 1, 2017

May 1, 2017

April 1,

2017

March 1, 2017

Feb 1, 2017

Jan 1,

2017

Dec 1,

2016

Port stock

847

884

979

907

883

738

770

785

688

775

642

695

655

Pipe

lines

1,420

1,460

1,610

1,590

1,540

1,390

1,335

1,335

1,225

1,190

1,088

1,150

1,170

Total stock

2,267

2,344

2,589

2,497

2,473

2,278

2,160

2,120

1,913

1,965

1,730

1,845

1,825



Import of refined and crude oil ratio
In November 2017, the import of refined oil (RBD Palmolein) has decreased to 1,47,362 ton from 240,948 ton. However, during the same period, the import of crude oil increased and reported  at 10,77,953 ton compared to 9,14,915 ton in November 2016.

Import of refined and crude edible oils (Ratio)
(Quantity in MT)

Year (Nov-Oct)

Refined oils

%

Crude oils

%

Total

Nov 2017

Nov 2016

1,47,362

2,40,948

12%

21%

10,77,953

9,14,915

88%

79%

12,25,315

11,55,863

2016-17

28,70,928

19%

1,22,06,492

81%

1,50,77,420

2015-16

26,23,002

18%

1,19,48,336

82%

1,45,71,338

2014-15

16,59,070

12%

1,27,62,201

88%

1,44,21,271

2013-14

15,76,354

14%

1,00,41,980

86%

1,16,18,334



Import of palm and soft oil ratio
In November 2017, palm oil import has decreased to 7,16,968 ton from 8,01,311 ton in November 2016. However, soft oil imports also increased to 5,08,347 ton from 3,54,552 ton last year.

Import of palm oil and soft oil (Ratio)
(Quantity in MT)

Year

(Nov-

Oct)

Palm Oil

Soft Oil

%

Total

(RBD Palmol

ein + CPO

+ Crude Olein + CPKO)

Soybean

Sunflower

Rape

Others

Total



Nov 2017

Nov 2016

716,968


801,311

59%

69%

2,73,928

1,64,286

1,93,810


1,58,071

40,609


32,195

-


-

5,08,347


3,54,552

41%

31%

12,25,315


11,55,863

2016-17

92,93,717

62%

33,16,207

21,68,754

2,92,652

6,090

57,83,703

38%

1,50,77,420

2015-16

84,42,840

58%

42,34,809

15,16,220

3,77,469

-

61,28,498

42%

1,45,71,338

2014-15

95,36,904

66%

29,85,944

15,42,599

3,55,824

-

48,84,367

34%

1,44,21,271

2013-14


79,57,960

68%

19,51,233

15,09,250

1,99,891

-

36,60,374

32%

1,16,18,334



Average prices and rupee depreciation
 (Price in $/CIF Indian Port/Ton)


Oils


Nov 2017

Oct 2017

Sept 2017

Aug2017

July 2017

June2017

May 2017

April 2017

March 2017

Feb

2017

Jan 2017

Dec

2016

Nov 2016

RBD palmolein

702

716

729

684

683

700

727

705

731

773

788

773

729

Crude palm oil

703

717

730

670

681

697

725

706

734

783

794

772

729

Crude soybean oil

839

829

836

813

802

798

796

756

767

812

857

887

844

Crude sunflower oil

810

821

838

824

804

789

798

783

791

814

824

836

826

FE: $1 = (Average)

64.84

65.04

63.97

64.42

64.45

64.45

64.42

64.53

65.8

66.97

68.04

67.8

67.64



From October 2016 onwards, the landed price of RBD Palmolein and CPO have remained more or less the same, encouraging a larger import of RBD Palmolein at the cost of CPO. The spread between palm oil and soft oil also reduced, encouraging a larger import of soft oils.

Import of non-edible oils
Import of non-edible oils during November 2017 is reported at 23,495 ton only compared to 19,601 ton in the same period last year. P F A D, P K F A D, C P K O and RBD Palm Sterin are the major imported of non-edible oils.
 
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