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First zero-duty soyoil to reach India in May-official.


Date: 22-04-2009
Subject: First zero-duty soyoil to reach India in May-official
 MUMBAI, April 21 (Reuters) - India is likely to receive the first consignment of zero-duty soyoil in the third week of May, a senior industry official told Reuters on Tuesday.

India last month scrapped a 20 percent duty on imports of crude soyoil in an effort to lower prices and raise supplies.

"We are expecting the first vessel of zero-duty soyoil in May...The size (of the consignment) is about 40,000 to 50,000 tonnes," B.V. Mehta, executive director, Solvent Extractors' Association of India (SEA), a leading trade body, said.

The consignment was likely to arrive by May 20, he added.

Indian firms are likely to import large quantities of soyoil from the U.S. as supplies from Latin America have been lower this year, Mehta said.

"There is also a freight advantage from U.S.," Mehta said.

Argentina, a leading producer and exporter, is expected to produce up to 20 percent lower soybean this year due to drought, which has affected the output.

Despite zero-duty, India's total soyoil imports may not cross 700,000 tonnes in the oil year ending October 2009 as imports of sunflower oil, a substitute, are likely to surge due to lower price, Mehta said.


Source : REUTERS INDIA

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