100,000 MT of palm oil contracts cancelled by Indian refiners due to increased import duties and rising overseas prices.

Indian refiners have canceled 100,000 metric tons of palm oil contracts for October to December due to increased import duties and rising overseas prices. This decision could dampen Malaysian palm oil price increases while potentially boosting soyoil prices as refiners pivot to that alternative. India's recent tax hike raised the total import duty on crude palm oil from 5.5% to 27.5%.

September 23, 2024
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