Reduction in effective import duty on various imported edible oils

(Gujarat News Office), Mumbai, Ta. Saturday, January 30, 2021

New demand in the Mumbai oilseeds market was slow today. The eyes of market players were on the budget to be unveiled on Monday. Meanwhile, world market news was showing a rally. In US agricultural markets, soybean prices rose by 12 points in overnight trade, while soymeal prices rose by 3 points and cotton by 21 points. Malaysian markets were closed today due to Saturday.

Meanwhile, the government has reduced the tariff value used as a benchmark to calculate the import duty on edible oils imported into India, leading to a reduction in the effective import duty on imported edible oils, market analysts said.

Such tariff value of crude palm oil CPO has been reduced from ૪૯ 105 to ૩ 1,015, while that of RBD palm oil has been reduced from ૬૭ 105 to ૪૭ 105 and that of soyoil has been reduced from ૬૫ 115 to ૨૭ 115.

As a result, the effective import duty on CPOs imported into the country has come down by about Rs 305 per tonne, while such import duty on RBD palmolin has come down by Rs 21 and soyoil by Rs 1,050, market analysts said.

Meanwhile, castor and castor prices were volatile in the Mumbai spot market today. In the Mumbai flour market, cottonseed meal was quoted at Rs 500 to Rs 700 per tonne today while other flours were quiet. Peanut prices ranged from Rs 30 to Rs 1,200 per quintal.

Today, soybean income was about 30,000 times in Madhya Pradesh and about 6,000 to 7,000 times in Maharashtra, and ten thousand times in Rajasthan. In Madhya Pradesh, the spot price of soybean was Rs 50 to Rs 200 and the price of plant delivery was Rs 200 to Rs 4.

Meanwhile, in the Mumbai spot market, the price of 10 kg of cingulum oil rose by Rs 150 and cottonseed oil by Rs 1,100. Producers had directed that the price be increased to Rs 105 for cotton washed and Rs 1,200 for cingulum oil and Rs 20 for 15 kg.

In the Mumbai spot market today, the price of imported palm oil was Rs 105 and crude palm oil CPO Kandla was Rs 5. Soyoil prices were at Rs 1,050 for digam and Rs 1,113 for refined. Sunflower was priced at Rs 1,200 and refined at Rs 150. Mustard was priced at Rs 120.

According to reports from Madhya Pradesh, besides wheat, the government will also start buying mustard, chickpeas and lentils from March 15, market experts said. Wheat will be procured by the Food Department and chickpeas, lentils and mustard will be procured through Markfed Nodal Agency.