India's palm oil imports are likely to increase in November

Introduction: New Delhi, Nov 15: traders said they expect India's palm oil imports, especially crude palm oil imports, to increase in the next one to two months, due to lower import tariffs on crude palm oil and lower base prices for crude palm oil and 24 degree refined palm oil in October "Crude palm oil imports will increase from this month, as import tariffs for crude palm oil are cut, so imports will shift from refined palm oil to crude palm oil," said a senior trader at a large trading company In October, India cut its import tax on crude palm oil from 75% to 65%, and lowered the basic institutional price of palm oil products, which is the basis for calculating the import tax to be paid by importers The base price of 24 degree refined palm oil was lowered from $372 per ton to $307, and the base price of crude palm oil was lowered from $337 per ton to $286 Another trader at an international trading bank said, "after the tariff reduction on October 9, the interest in buying was aroused, but half of these transactions have not yet arrived in India." In October, India's import of edible oil fell sharply to 288376 tons, 45% lower than 524073 tons in the same period last year Imports of 24 degree refined palm oil fell to 77410 tons from 229632 tons in October last year, while imports of crude palm oil fell to 67226 tons from 176769 tons last year The decrease in import demand is due to the high inventory of Indian ports, reaching 450000 tons, after a record import in August, coupled with a good summer crop harvest in China, and sufficient domestic supply But demand has started to pick up in the near future as prices have fallen, responding to lower tariffs and large supplies India, the world's largest importer of palm oil, buys 70% of the soft oil it needs from Malaysia and Indonesia, with the rest from Argentina and Brazil (author:) share to feed Weibo share to: