India set for record soyoil imports as Russia-Ukraine war disrupts sunflower shipments

India’s soyoil imports are set to hit a record high in August as competitive prices prompt refiners to boost purchases for festive ​demand, while disruptions to sunflower oil shipments due to the Russia-Ukraine war push buyers to switch oils, ‌dealers said.

Soyoil imports in August are likely to rise to 620,000 metric ​tons, nearly 46% above the average monthly imports of 424,549 tons ⁠so far in the current marketing year, which began in November, according to four traders directly involved in trade deals. The traders did not wish to be named in line with their companies’ ‌policies.

“Soyoil prices are very competitive. At the same time, there are disruptions to sunflower oil shipments. That is making soyoil even more attractive,” said ‌Sandeep Bajoria, chief executive of Sunvin Group, a Mumbai-based vegetable oil brokerage.