Wait...
  1. Home >
  2. Export Import News >
  3. Economy News >
  4. Indian buyers slash Malaysian palm oil purchases fearing duty hike: Traders

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

Indian buyers slash Malaysian palm oil purchases fearing duty hike: Traders


Date: 15-10-2019
Subject: Indian buyers slash Malaysian palm oil purchases fearing duty hike: Traders
Indian refiners have stopped buying Malaysian palm oil for shipments in November and December fearing New Delhi could raise import taxes or enforce other measures to curtail imports from Kuala Lumpur, five traders told Reuters on Monday.

Lower purchases by India, the biggest buyer of Malaysian palm oil so far in 2019, could lead to higher inventories and put pressure on Malaysian palm oil prices, but help rival Indonesia in raising its shipments to India.

India is considering restricting imports of some products from Malaysia including palm oil in reaction to the Southeast Asian country's leader criticising New Delhi for its actions in Kashmir, Reuters reported on Friday.

"Traders are confused on both the sides. They don't know how to plan their shipments," said Sandeep Bajoria, chief executive of Sunvin Group, a Mumbai-based vegetable oil importer.

For October most of the import contracts have already been signed, said a Mumbai-based dealer with another trading firm, adding that imports would plunge from November as new contracts are not being signed with Malaysian sellers.

Source: moneycontrol.com

Infodrive India Pvt Ltd

Delhi :
  E-2, 3rd Floor Kalkaji Main Road
      New Delhi 110019
   011 - 40703001

Kolkata :
  5th Floor Stesalit Towers,
      E-2-3, EP & GP Block,

      Sector-V, Salt Lake City,
      Kolkata-700 091
   033 - 71177191

INFODRIVE INDIA Copyright © 1996-2019 InfodriveIndia. All Rights Reserved.
Please read our Terms of Use and Privacy Policy before you use.

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+