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India's Sunoil Imports to Jump Seven-Fold on Zero Duty

Source: Reuters
10/03/2009

Kuala Lumpur March 10 - India has contracted to buy around 300,000 tonnes of sunflower oil since December and imports are likely to climb seven-fold to 600,000 tonnes in the current oil year to October, traders said on Tuesday.

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"The price is good and the import duty is favourable, so given the good quantities available, India will buy more of sunoil," a leading trader told Reuters ahead of an industry conference.

Another trader said India was buying sunflower oil mainly from the Black Sea region, at the cost of soyoil from South America. Sunflower oil attracts zero percent duty compared with a 20 percent import tariff on soybean oil, traders said.



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