Thursday, October 18, 2018
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
   

OILS AND FATS

Govt decides to reduce customs duty on export of sugar to zero per cent
Friday, 23 March, 2018, 08 : 00 AM [IST]
Our Bureau, New Delhi
In order to promote exports with the objective of evacuating surplus sugar stocks from the country, the Government of India has decided to reduce customs duty on export of sugar from its current level of 20 per cent to zero per cent.

This will also help in maintaining the demand and supply balance, thereby stabilising the domestic sugar prices in the country.

During the current Sugar Season (SS) (2017-18), the sugar production in India is estimated to be substantially higher than the estimated domestic consumption. Sufficient surplus stock of sugar may be available for export.

Veg oil imports down by 9%
The Solvent Extractors’ Association of India has compiled the import data of vegetable oils (edible and non-edible) for the month of February 2018. The import of vegetable oils during February 2018 is reported  at 11,57,044 tonne compared to 12,70,443 tonne in February 2017, consisting 11,24,999 tonne of edible oils and 32,045 tonne of non-edible oils, i e down by nine per cent.

The overall import of vegetable oils between November 2017 and February 2018 was reported at 47,85,778 tonne compared to 46,84,451 tonne, i e up by two per cent.

Import of vegetable oil (edible and non-edible) between November 2017 and February 2018
(Quantity in metric tonne)

Month

2017-18

2016-17

Percentage

change

Edible

Non-edible

Total

Edible

Non-edible

Total

November 2017

12,25,315


23,495

12,48,810

11,55,863

19,601

11,75,464

(+) 6%

December2017

10,58,289


30,494

10,88,783

11,74,296

35,389

12,09,685

(-) 10%

January 2018

12,46,847


44,294

12,91,141

10,12,085

16,774

10,28,859

(+) 25%

February 2018

11,24,999

32,045

11,57,044

12,34,255

36,188

12,70,443

(-) 9%

Total

46,55,450

1,30,328

47,85,778

45,76,499

1,07,952

46,84,451

(+) 2%



On March 1, 2018, the Government of India increased import duty on Crude Palm Oil (CPO), RBD Palmolein and RBD Palm Oil. The import duty on CPO increased to 44 per cent from 30 per cent (effective duty 48.4 per cent) and RBD Palmolein and Refined Palm Oil to 54 per cent from 40 per cent (effective duty 59.4 per cent) without changes in import duty on sunflower oil, rapeseed oil and soybean oil.

This increase in duty is a welcome step. Yet, the government has missed the opportunity to provide a 15 per cent duty difference between crude and refined oils as requested by the association to encourage domestic refining industry and promote Make in India. Likewise, there is a need to increase import duty on rapeseed, mustard or canola oil, soybean oil and sunflower oil to support the farmers.

Stock position at port and in pipeline
The stock of edible oils as on 1st March, 2018 at various ports is estimated at 757,000 tons (CPO 280,000 tons, RBD Palmolein 120,000 tons, Degummed Soybean Oil 170,000 tons, Crude Sunflower Oil 180,000 tons and 7,000 tons of Rapeseed (Canola) Oil) and about 1,440,000 tons in pipelines. Total stock at ports and in pipelines is reported at 2,197,000 tons, more or less same stock in February 2018. India’s monthly requirement is about 18.25 lakh tons and operate at 30 days stock against which currently holding stock over 21.97 lakh tons equal to 36 days requirements.


Mar1,

2018


Feb 1,

2018



Jan1,

2018

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

Port stock

757


855

876

847

884

979

907

883

738

770

785

688

775

Pipe

lines

1,440


1,340

1,300

1,420

1,460

1,610

1,590

1,540

1,390

1,335

1,335

1,225

1,190

Total stock

2,197

2,195

2,176

2,267

2,344

2,589

2,497

2,473

2,278

2,160

2,120

1,913

1,965


Import of refined and crude oil ratio
Between November 2017 and February 2018, the import of refined oil (RBD Palmolein) showed a declining trend, decreasing to 6,07,359 tonne from 9,16,438 tonne in the same period of last year. However, the import of crude oil increased and reported at 40,48,091 tonne compared to 36,60,061 tonne during the same period of last year.

Import of refined and crude edible oils (ratio) between November 2017 and February 2018
(Quantity in metric tonne)

Year (Nov-Oct)

Refined oils

%

Crude oils

%

Total

Nov 2017


1,47,362


12%

10,77,953

88%

12,25,315

Dec 2017

1,06,924

10%

9,51,365

90%

10,58,289

Jan 2018

1,50,664

12%

10,96,183

88%

12,46,847

Feb 2018

2,02,409

18%

9,22,590

82%

11,24,999

Nov 2017-Feb 2018

Nov 2016–Feb 2017

6,07,359


9,16,438

13%


20%

40,48,091


36,60,061

87%


80%

46,55,450


45,76,499

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
Between November 2017 and February 2018, overall palm oil imports have increased to 30,34,514 tonne from 28,73,438 tonne, while soft oil imports have decreased to 16,20,936
tonne from 17,03,061 tonne during the same period of last year.

Import of palm oil and soft oil (ratio) between November 2017 and February 2018 (Quantity in metric tonne)

Year

(Nov-

Oct)

Palm Oil

Soft Oil

%

Total

(RBD Palmolein + CPO

+ Crude Olein + CPKO)

Soybean

Sunflower

Rape

Others

Total



Nov 2017

7,16,968

59%

2,73,928

1,93,810

40,609

-

5,08,347

41%

12,25,315

Dec 2017

7,22,857

68%


79,250


2,36,655

19,527

-

3,35,432

32%


10,58,289


Jan 2018

8,34,444

67%

2,24,870

1,70,831

16,702

-

4,12,403

33%


12,46,847

Feb 2018

7,60,245


68%

1,33,787

2,12,531

18,436

-

3,64,754

32%

11,24,999

Nov 2017-Feb 2018


Nov 2016–Feb 2017

30,34,514



28,73,438


65%



63%

7,11,835



8,14,731


8,13,827




7,68,189


95,274




1,20,141


-


-

16,20,936



17,03,061


35%



37%


46,55,450




45,76,499


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/Tonne)

Oils


Feb

2018


Jan

2018

Dec

2017

Nov 2017

Oct 2017

Sept 2017

Aug2017

July 2017

June 2017

May 2017

April 2017

March 2017

Feb

2017

RBD palmolein

677


669

661

702

716

729

684

683

700

727

705

731

773

Crude palm oil

675


669

662

703

717

730

670

681

697

725

706

734

783

Crude soybean oil

809



817

811

839

829

836

813

802

798

796

756

767

812

Crude sunflower oil

803



800

800

810

821

838

824

804

789

798

783

791

814

FE: $1 = (Average)

64.43


63.65

64.24

64.84

65.04

63.97

64.42

64.45

64.45

64.42

64.53

65.8

66.97

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

Import of non-edible oils
Import of non-edible oils during November 2017 and February 2018 is reported at 1,30,328 tonne compared to 1,07,952 tonne during the same period last year, i e up by 21 per cent. P F A D, P K F A D, C P S and RBD Palm Stearin are the major import of non-edible oils.
 
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