India’s palm oil imports in January hit a 14-year low as refiners shifted to cheaper soy oil due to negative refining margins, according to dealers.

India’s palm oil imports fell 46% in January to 272,000 metric tons, the lowest since March 2011, as refiners shifted to cheaper soy oil due to negative refining margins.

Soyoil imports rose 4% to 438,000 metric tons, the highest in seven months, while sunflower oil imports increased by 9.5% to 290,000 metric tons.

Total edible oil imports fell 15.6% in January to 1 million tons, marking an 11-month low.

Palm oil prices have risen above soy oil and sunflower oil due to falling stocks, despite traditionally trading at a discount.

Palm oil’s share in India’s total edible oil imports dropped below 30% for the first time in over a decade.

India mainly imports palm oil from Indonesia, Malaysia, and Thailand, while sourcing soy oil and sunflower oil from Argentina, Brazil, Russia, and Ukraine.

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