Thursday, June 21, 2018
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
   

ANALYSIS

Import of veg oils for May ’18 reported at 12,86,240 tonne, down by 7%
Friday, 15 June, 2018, 08 : 00 AM [IST]
Our Bureau, New Delhi
The Solvent Extractors’ Association of India has compiled the import data of vegetable oils (edible and non-edible) for the month of May 2018. The import of vegetable oils during May 2018 was reported at 12,86,240 tonne compared to 13,84,439 tonne in May 2017, i e down by seven per cent. It consisted of 12,46,462 tonne of edible oils and 39,778 tonne of non-edible oils. The overall import of vegetable oils between November 2017 and May 2018 was reported at 86,04,535 tonne compared to 85,22,704 tonne, i e up by one per cent.

Import of Vegetable Oil (Edible & Non-edible) Nov.’17-May ’18
(Qty. in MT)

Month

2017-18

2016-17

Percentage change

Edible

Non-edible

Total

Edible

Non-edible

Total

November 2017

12,25,315


2,349

12,48,810

11,55,863

19,601

11,75,464

(+) 6%

December 2017

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%

March 2018

11,22,685

23,366

11,46,051

10,97,876

16,449

11,14,325

(+) 3%

April 2018

13,68,616

17,850

13,86,466

13,24,014

15,475

13,39,489

(+) 3.5%

May 2018

12,46,462

39,778

12,86,240

13,23,792

60,647

13,84,439

(-) 7%

Total

83,93,213

2,11,322

86,04,535

83,22,181

2,00,523

85,22,704

(+) 1%


The current duty structure, coupled with rupee depreciation and credit crunch in the market, has slowed down the import, which is evident from the above data.

Secondly, in May 2018, for the first time, it was seen that the import of soft oils (soya, sunflower and rape) is higher than palm oil, with soft oils’ share at 60 per cent and that of palm oil was 40 per cent. Also soft oil import and sunflower oil import were the highest in any single month since India started importing edible oils in 1994.

Record stock at port and in pipeline
The stock of edible oils as on June 1, 2018 at various ports was estimated at 10,02,000 tonne [CPO 3,20,000 tonne, RBD Palmolein 1,70,000 tonne, Degummed Soybean Oil 2,30,000 tonne, Crude Sunflower Oil 2,70,000 tonne and 12,000 tonne of Rapeseed (Canola) Oil] and about 16,60,000 tonne in pipelines. The total stock at ports and in pipelines is reported at 26,62,000 tonne, increased by 3,24,000 tonne from 23,38,000 tonne in May 2018. India’s total demand for edible oils during 2017-18 is estimated at 23 lakh tonne. The monthly requirement is about 19 lakh tonne and operate at 30 days’ stock, against which currently holding stock over 26.62 lakh tonne equal to 42 days’ requirements. This is the highest-ever stock putting pressure on domestic prices of edible oils.

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


June 1,2018

May 1, 2018

April 1, 2018

March 1, 2018

February 1, 2018

January 1, 2018

December 1, 2017

November 1, 2017

October 1, 2017

September 1, 2017

August1, 2017

July 1, 2017

June 1, 2017

Port stock

1,002

1,068

770

757

855

876

847

884

979

907

883

738

770

Pipe lines

1,660

1,270

1,342

1,440

1,340

1,300

1,420

1,460

1,610

1,590

1,540

1,390

1,335

Total stock

2,662

2,338

2,112

2,197

2,195

2,176

2,267

2,344

2,589

2,497

2,473

2,278

2,160


Import of palm products
Historically, palm oil constitute the major share of the imports by India. The landed cost of RBD Palmolein and CPO are more or less the same, encouraging the larger import of RBD Palmolein (finished product) over CPO (raw material), serious hurting domestic refiners for capacity utilisation.

Import of palm oil - November 2017 to May 2018 (Quantity in MT)

Year (November to October)

RBD Palmolein

CPO

CPKO

Total

November 2017

1,47,362 (21 per cent)

5,59,584 (78 per cent)

10,022 (one per cent)

7,16,968

December 2017

1,06,924 (15 per cent)

6,08,405 (84 per cent)

7,528 (one per cent)

7,22,857

January 2018

1,50,664 (18 per cent)

6,72,762 (81 per cent)

11,018 (one per cent)

8,34,444

February 2018

2,02,409 (27 per cent)

5,46,009 (72 per cent)

11,827 (one per cent)

7,60,245

March 2018

1,63,222 (21 per cent)

5,91,985 (78 per cent)

5,493 (one per cent)

7,60,700

April 2018

2,09,772 (27 per cent)

5,56,822 (71 per cent)

12,290 (two per cent)

7,78,884

May 2018

1,57,832 (32 per cent)

3,31,592 (67 per cent)

7,054 (one per cent)

4,96,478

November 2017 and May 2018


November 2016 and May 2017

11,38,185 (23 per cent)



1,662,360 (32 per cent)


38,67,159 (76 per cent)



3,398,879 (67 per cent)


65,232 (one per cent)




44,242 (one per cent)


50,70,576




51,05,481


2016-17

28,70,928 (31 per cent)

63,35,321 (68 per cent)

87,468 (one per cent)

92,93,717

2015-16

26,23,002 (31 per cent)

57,49,231 (68 per cent)

70,607 (one per cent)

84,42,840

2014-15

16,59,070 (17 per cent)

77,24,077(81 per cent)

1,53,757 (two per cent)

95,36,904

2013-14

15,76,354 (20 per cent)

62,52,788 (78 per cent)

1,28,818 (two per cent)

79,57,960


Import of palm and soft oil ratio
Between November 2017 and May 2018, the overall Palm Oil import has decreased to 50,70,576 tonne from 51,05,481 tonne, while soft oils import increased to 33,22,637 tonne from 32,16,700 tonne during the same period of last year. Also a parcel of 3,000 tonne of cottonseed oil from the United States arrived during April 2018.

Import of palm oil and soft oil (Ratio) November 2017 to May 2018
(Quantity in MT)

Year

(November and October)

Palm Oil

Soft Oil

%

Total

(RBD Palmolein + CPO

+ Crude Olein + CPKO)

Soybean

Sunflower

Rape

Others

Total



November 2017

7,16,968

59%

2,73,928

1,93,810

40,609

-

5,08,347

41%

12,25,315

December 2017

7,22,857

68%


79,250


2,36,655

19,527

-

3,35,432

32%


10,58,289


January 2018

8,34,444

67%

2,24,870

1,70,831

16,702

-

4,12,403

33%


12,46,847

February 2018

7,60,245


68%

1,33,787

2,12,531

18,436

-

3,64,754

32%

11,24,999

March 2018

7,60,700


68%

1,15,102

2,10,269

36,614

-

3,61,985

32%

11,22,685

April 2018

7,78,884



57%

2,64,750

2,94,450

27,520

3,012*

5,89,732

43%

13,68,616

May 2018

4,96,478

40%

3,96,969

3,30,985

22,030

-

7,49,984

60%

12,46,462

November 2017 to May 2018





November 2016 and

May 2017

50,70,576










51,05,481


60%





61%


14,88,656










16,89,891


16,49,531








13,39,511


1,81,438









1,81,208


3,012





6,090


33,22,637







32,16

,700


40%




39%


83,93,213








83,22,181


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


May 2018

April 2018


March 2018

February

2018

January

2018

December

2017

November 2017

October 2017

September 2017

August 2017

July

2017

RBD Palmolein

661

673

678

677


669

661

702

716

729

684

683

Crude Palm Oil

652

664

671

675


669

662

703

717

730

670

681

Crude Soybean Oil

771

808

804

809

817

811

839

829

836

813

802

Crude Sunflower Oil

806

822

807

803

800

800

811

821

838

824

804

FE: $1 = (Average)

67.51

65.67

65.05

64.43

63.65

64.24

64.84

65.04

64.48

63.97

64.42


In the last one year, in international market, the prices of edible oils have gone down by three to 10 per cent due to larger supply, and at the same time, rupee depreciation by nearly five per cent in one year, nullified the advantage of price reduction.

Import of non-edible oils
Import of non-edible oils between November 2017 and May 2018 is reported at 2,11,322 tonne compared to 2,00,523 tonne during the same period last year, i e up by five per cent.

This is mainly due to higher import of P F A D and C P S at nil duty under actual user condition, seriously affecting domestic refiners and main cause of disparity in domestic refining of palm oil.
 
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