India’s soyoil imports set to hit record in August

India is set to import a record 620,000 metric tons of soyoil in August, nearly 46 per cent above the average monthly imports so far this marketing year, dealers said. The rise is driven by competitive soyoil prices and disruptions to sunflower oil shipments due to the Russia-Ukraine war. The Hindu Business Line reports that Russia and Ukraine account for most of India's sunflower oil imports, which are likely to fall to 180,000 metric tons in August, the lowest since February 2026 and down 28 per cent from a month earlier.

NDTV Profit reports that the Russia-Ukraine conflict has disrupted shipments from the Black Sea, reducing export capacity. Around 150,000 tons of sunflower oil scheduled for August and September have been delayed. Buyers in southern India, who typically prefer sunflower oil, are switching to soyoil. The premium for soyoil over palm oil has narrowed to around $50 a metric ton from over $100 in April, making it more attractive to price-sensitive buyers.

India is sourcing soyoil from destinations such as China, Egypt, Thailand and Turkey for prompt shipments, in addition to traditional suppliers Argentina and Brazil. Dealers say imports are likely to exceed 600,000 tons even in September, and India has bought nearly 1.4 million tons for shipment between September and December. Concerns that El Nino could affect local oilseed production are also prompting increased purchases.