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OILS AND FATS

“Edible and non-edible veg oil import in June ’17 up by 15%,” says SEA
Saturday, 15 July, 2017, 08 : 00 AM [IST]
Our Bureau, Mumbai
The Solvent Extractors’ Association of India (SEA) has compiled the import data of edible and non-edible vegetable oils for the month of June 2017. Import of vegetable oils during June 2017 was reported to be 1,344,868 ton vis-a-vis 1,169,456 ton in June 2016 (i e up by 15 per cent).

This consisted of 1,293,777 ton of edible oils and 51,091 ton of non-edible oils. The overall import of vegetable oils during the first eight months of the current oil year 2016-17 (i e between November 2016 and June 2017) was reported to be 9,863,572 ton vis-a-vis 9,763,043 ton.

Import of vegetable oil (Edible and non-edible) between November 2016 and June 2017

(Quantity in million ton)

Month

2016-17

2015-16

%

Edible

Non-edible

Total

Edible

Non-edible

Total

November 2016

11,55,863

19,601

11,75,464

13,32,936

4,499

13,37,435

(-) 12%

December2016

11,74,296

35,389

12,09,685

14,09,435

11,467

14,20,902

(-) 15%

January 2017

10,08,085

16,774

10,24,859

12,55,054

3,000

12,58,054

(-) 19%

February 2017

12,34,255

36,188

12,70,443

10,96,424

16,492

11,12,916

(+) 14%

March 2017

10,97,876

16,449

11,14,325

11,76,312

14,203

11,90,515

(-) 6%

April 2017

13,24,014

15,475

13,39,489

12,36,068

12,819

12,48,887

(+) 7%

May 1, 2017

13,23,792

60,647

13,84,439

10,04,685

20,193

10,24,878

(+) 35%


June 1, 2017

12,93,777

51,091

13,44,868

11,58,902

10,554

11,69,456

(+) 15%


Total

96,11,958

2,51,614

98,63,572

96,69,816

93,227

97,63,043

(+) 1%



Current situation
Currently, soybean, rapeseed and groundnut are being sold below the minimum support price (MSP) and prices have dropped between 20 and 30 per cent of the last year’s level. The current prices are the lowest in the last five years.

Farmers are totally discouraged from sowing oilseeds, and may switch over to cotton and other cash crops.

With a view to ensure that farmers do not lose interest in oilseed cultivation, SEA has strongly suggested to the Centre that the import duty on crude oil be raised to 20 per cent and that on refined oil to 35 per cent with immediate effect. 

Stock position at port and in pipeline
The stock of edible oils as on July 1, 2017 at various ports was estimated to be 738,000 tons. This includes 2,70,000 ton of crude palm oil (CPO), 1,50,000 ton of RBD palmolein, 1,60,000 ton of degummed soybean oil, 1,40,000 ton of crude sunflower oil and 18,000 ton of rapeseed (canola) oil. There are about 1,540,000 ton in pipelines.

The total stock at ports and in pipelines increased to 22,78,000 ton from 21,60,000 ton in June 2017.

India’s monthly requirement is about 17.50 lakh ton, and operate at 30 days’ stock, against which the current holding stock is over 22.78 lakh ton equal to 39 days’ requirements.

Stock position at ports and pipelines

(Quantity in ’000 million ton)



July 1,

2017

June 1, 2017

May 1, 2017

April 1,

2017

March 1, 2017

February 1, 2017

January 1, 2017

December 1,

2016

November 1, 2016

October 1, 2016

September 1, 2016

August 1, 2016

July 1, 2016

Port stock

738

770

785

688

775

642

695

655

705

860

755

770

878

Pipelines

1,540

1,390

1,335

1,225

1,190

1,088

1,150

1,170

1,230

1,230

1,300

1,380

1,442

Total stock

2,278

2,160

2,120

1,913

1,965

1,730

1,845

1,825

1,935

2,090

2,055

2,150

2,320


Import of refined and crude oil ratio
Between November 2016 and June 2017, import of refined oil (RBD palmolein) has sharply increased to 19,03,056 ton from 17,77,839 ton in the same period of last year, while the import of crude oil decreased to 77,08,902 ton from 78,92,977 ton during the same period of last year.

Import of refined and crude edible oils (ratio) between November 2016 and June 2017                                       

(Quantity in million ton)

Year (November-October)

Refined oils

Percentage

Crude oils

Percentage

Total

November 2016

2,40,948

21%

9,14,915

79%

11,55,863

December 2016

2,45,554

21%

9,28,742

79%

11,74,296

January 2017

1,96,623

20%

8,11,462

80%

10,08,085

February 2017

2,33,313

19%

10,00,942

81%

12,34,255

March 2017

2,19,270

20%

8,78,606

80%

10,97,876

April 2017

2,32,243

18%

10,91,771

82%

13,24,014

May 2017

2,94,409

22%

10,29,383

78%

13,23,792

June 2017

2,40,696

19%

10,53,081

81%

1,29,37,777

(November 2016-April 2017)

(November 2015-April 2016)

19,03,056



17,76,839

20%



18%

77,08,902



78,92,977

80%



82%

96,11,958



96,69,816

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
Between November 2016 and June 2017, palm oil import has increased to 59,21,563 ton from 56,05,473 ton during the same period of last year. The overall share of palm oil products increased to 62 per cent from 58 per cent, thanks to the larger import of RBD palmolein. Soft oil imports reduced to 36,90,395 ton from 40,64,343 ton last year. However, within soft oils, the import of sunflower oil has sharply increased at the cost of soybean oil.

Import of palm oil and soft oil (ratio) between November 2016 and June 2017

             (Quantity in million ton)

Year (November-October)

Palm oil

Soft oil

Percentage

Total


(RBD palmolein + CPO + crude olein + CPKO)

Soybean

Sunflower

Rape

Safflower

Total

November 2016

8,01,311

69%

1,64,286

1,58,071

32,195

-

3,54,552

31%

11,55,863

December 2016

7,23,158

62%

2,32,132

1,85,824

33,182

-

4,51,138

38%

11,74,296

January 2017

6,08,762

60%

1,66,573

2,14,872

17,878

-

3,99,323

40%

10,08,085

February 2017

7,36,207

60%

2,51,740

2,09,422

36,886

6,090

4,98,048

40%

12,34,255

March 2017

6,80,065

62%

2,29,853

1,81,868

-

-

4,17,811

38%

10,97,876

April 2017

7,52,632

57%

3,04,942

2,34,516

31,924

6,090

5,71,382

43%

13,24,014

May 2017

7,99,346

60%

3,40,365

1,54,938

29,143

-

5,24,446

40%

13,23,792

June 2017

8,20,082

63%

2,90,904

1,69,345

13,446

-

4,73,695

37%

12,93,777

November 2016-June 2017


November 2015-June 2016

59,21,563




56,05,473



62%





58%


19,80,795




28,05,254


15,08,856




10,68,887

1,94,654




1,90,202


6,090





-


36,90,395




40,64,343


38%





42%


96,11,958





96,69,816

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
From April 2016 onwards, the landed price of RBD palmolein has either remained the same as or lower than that of CPO, encouraging larger import of RBD palmolein at the cost of CPO. The spread between palm oil and soft oil reduced encouraging a larger import of soft oils. Importers continue to make larger import purchases of sunflower oil, taking advantage of the attractive price vis-à-vis soy oil. Also, the strengthening of the rupee in the last six months supported the import of vegetable oils.

(Price in $/CIF Indian port/ton)

Oils


June 2017


May 2017

April 2017

March 2017

February 2017

January 2017

December

2016

November 2016

October 2016

September

2016

August 2016

July 2016

June 2016

RBD palmolein

700

727

705

731

773

788

773

729

709

759

735

643

669

Crude palm oil

697

725

706

734

783

794

772

729

704

753

730

642

669

Crude soybean oil

798

796

756

767

812

857

887

844

827

803

804

751

768

Crude sunflower oil

789

798

783

791

814

824

836

826

834

843

845

848

867

FE: $1 = (Average)

64.45

64.42

64.53

65.8

66.97

68.04

67.8

67.64

66.74

66.71

66.9

67.15

67.27


Import of non-edible oils: Sharp rise in RBD palm stearin
The import of non-edible oils between November 2016 and June 2017  is reported at 2,51,614 ton compared to 93,227 ton during the same period last year.  PFAD, PKFAD, CPS and RBD palm stearin were the major import of non-edible oils.
 
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