According to a report from Business Line, Indian importers have temporarily stopped buying soybean oil from China after Argentina lowered its prices. The sources involved in the purchases stated that Argentina, which supplies 65% of India’s soybean oil, cut its prices after Indian importers began purchasing from China. Nine Indian and multinational companies had previously signed deals with two Chinese exporters to import a record estimated 1.5 lakh tonnes of soybean oil.
BV Mehta, Executive Director of the Solvent Extractors Association (SEA), said that Indian buyers have become “smart” at sourcing cooking oils at a competitive price. The article notes that while shipments from Argentina can take up to 60 days, shipments from China can arrive in three weeks and from Vietnam in just 10 days, making these markets attractive when prices are comparable. The article also mentions that Nepal continues to export refined soybean, sunflower, and rapeseed oils to India under the SAFTA agreement.