India Steps up Palm Oil Buying as Tax Cut Spurs Restocking
2 Articles
2 Articles
India steps up palm oil buying as tax cut spurs restocking
India is increasing its palm oil imports after reducing import duties, prompting refiners to restock. More than 200,000 tons of crude palm oil have been bought recently as inventories run low. The government cut taxes on edible oil imports, adding urgency to the purchases. This buying activity is crucial ahead of the Diwali festival and the wedding season.
Indian importers have bought more than 200,000 tonnes of crude palm oil in the past week after the government cut import duties. Processors are actively replenishing stocks on the eve of the holiday season and Diwali against the background of low balances at distributors. Last week, India cut import duties on raw palm and soybean oil by half to 5%. The country imports about 60% of vegetable oils, [...] The post India bought more than 200 thousan…
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