Singtel boom: Refineries refrain from raising selling prices as palm oil import licenses are suspended

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(By delegate) Mumbai, May 12, 2020, Tuesday

In the Mumbai oilseeds market, the price of cingulum oil continued to rise today, while the prices of imported edible oils continued to rise. In Singtel, the price of 10 kg was quoted higher at Rs 1,50 in the Mumbai spot market today on the back of encouraging news from manufacturing plants, while the price of crude oil was quoted at Rs 1,200 to Rs 1,50 and 15 kg at Rs 2,50. .

Meanwhile, groundnut production in the south, including Andhra Pradesh and Karnataka, has slowed down the arrival of new summer crops, which experts said were likely to grow further. Sources were hoping for a big summer groundnut crop in the country. Meanwhile, in the Mumbai spot market, the price of 10 kg of palm oil was quoted at Rs 600 to Rs 705.

Sources said various palm oil refineries in Mumbai did not announce the sale price today and new operations were also on the wane amid growing confusion in the market amid instructions from the central government to suspend various licenses for palm oil imports. Crude palm oil (CPO) Kandla was trading at Rs 50. In Malaysia, palm oil futures fell 30 points today, while palm product prices fell by ૫ 5 to ૫ 2.50. Soybean oil and soymeal prices were softer in the US agricultural markets, while soybean and cotton prices were on the rise.

In the Mumbai spot market, soyoil was quoted at Rs 70 for digam, Rs 300 for refined, Rs 3 for cottonseed oil, Rs 3 for sunflower and Rs 30 for refined. Meanwhile, castor oil prices fell further by Rs 15 to Rs 4 to Rs 4 today, while Mumbai spot castor prices fell to Rs 4,013. New export inquiries were lower than expected. However, prices were fluctuating narrowly in the Mumbai market today.

Meanwhile, according to world market news, Chinese importers were reported to have made new deals for importing soybeans from the US for about 240,000 tonnes for July shipments.

39 licenses for import of refined palm oil suspended

The Directorate General of Foreign Trade (DGFT) under the Ministry of Commerce and Industry has suspended nine import licenses for refined palm oil, which has been on the restricted list since January 20. Solvent Extractors Asso., The apex body of the local edible oil industry. This step has been taken by the government after adequate scrutiny of the repeated representations of the Government of India (SEAI).

Under the South Asian Free Trade Agreement (SAFTA), Nepal, Bangladesh, Sri Lanka and other countries can export to India at zero rate customs duty. Nepal and Bangladesh have been major exporters of refined palm oil for the last two years, taking advantage of the system. The duty-free import posed a number of challenges to the local edible oil industry. The country's vegetable industry has faced a similar situation. Government policy measures are necessary in the interest of local industry. The suspension of the license does not mean that the palm oil pullback is due to a lockdown in the last one and a half months, which has reduced demand and imports by more than 50 per cent, said Chandrakant Jani, an agricultural analyst.

If we talk about the import of refined palm oil from these countries to India, the import from Nepal, which was zero in 2016-2017, jumped to 7.5 lakh tonnes in 2016-2017 and by 200 per cent in 2016-2020 to 1.5 lakh tonnes. Similarly, Bangladesh had sent 21 tonnes of refined oil to India in 2016-2017 as against June 4, 2016-2017. The scope of 'Rules of Origin' has also been fixed for goods exported on duty free basis under the SAFTA agreement.

SEI President Atul Chaturvedi said it was necessary to keep a close watch on duty-free imports from Nepal, Sri Lanka, Indonesia, Bangladesh and others. Disclosure of 'Rules of Origin' is also required. The government needs to give incentives to increase its performance when the domestic edible oil industry is not making full use of its established capacity.

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