India's palm oil imports dropped 15.9% in September, as refiners shifted to cheaper soyoil.

India's palm oil imports fell to 833,000 tons in September, the lowest in four months and a 15.9% drop from August, as refiners switched to cheaper soyoil. Soyoil imports surged 37.3% to 505,000 tons, reaching their highest since July 2022, while sunflower oil imports rose to an eight-month high. Total edible oil imports dipped 0.7% to 1.61 million tons. The shift reflects rising soyoil prices and favorable cost comparisons, with India’s palm oil stocks deemed sufficient. Analysts expect further declines in palm oil imports and continued high soyoil demand, potentially impacting global markets.