India seeks a substitute for sunflower oil due to supply disruptions from the Black Sea
Kyiv • UNN
India increases imports of palm, soybean, and rapeseed oil due to delays in sunflower oil exports from Russia and Ukraine. Sunflower oil prices in the country have risen by 6% due to supply disruptions.
India, the world's largest importer of sunflower oil, is increasing purchases of alternative vegetable oils due to supply disruptions from the Black Sea region. The reason is export delays from Russia and Ukraine, as well as a weak domestic harvest due to insufficient monsoon rains, Bloomberg reports, writes UNN.
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According to traders, sunflower oil deliveries are delayed by up to 60 days, and prices are rising. As a result, Indian companies are more actively buying products from Argentina and increasing imports of palm, soybean, and rapeseed oil.
MK Agrotech Director Mannan Khan said the company already receives half of its sunflower oil from Argentina and is gradually increasing purchases of rapeseed oil from Australia.
According to the U.S. Department of Agriculture, Russia and Ukraine accounted for 63% of global sunflower oil exports last season. Due to supply disruptions, the price index for this product in India rose by 6% this month.
At the same time, India expects an increase in imports of palm and soybean oil, as the sowing of its own oilseed crops is behind schedule due to insufficient rainfall.