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Import duty on non-palm oils hiked by 5-10%
Palm oil imports might remain under pressure this month too, helping soyoil and sunflower oil gain market share
India’s palm oil imports in May plunged 38 per cent from a year earlier to their lowest in nearly four and a half years, as higher import tax on the tropical oil made it more expensive, a trade body said on Thursday.
However, the fall in import of palm oil has been offset by much higher import of other varieties of oil like soyoil, rapeseed oil and sunflower oil, as duty on these soft oils is lower. Importers and traders, including refineries, are importing more soft oils as the government is expected to announce a hike in duty.
According to trade officials, storage cost in India is lower than in Malaysia, making it attractive to import soft oils in India ahead of the duty hike.
As a result, stock in India has reached a significantly higher level, covering 42 days of requirement as against the standard 30 days, including the stock on ports and in the pipeline. However, after the release of data on Thursday, which showed sharp increase in soft oil imports and huge stock of imported oils in India, the government moved to raise import duty of soft oils.
India's silver use triples in a decade, world share up from 14.7% to 39.2%
Several investors bought silver in 2011 when it peaked at Rs 75,000 a kg; many are holding on to avoid booking losses, only a few smart ones have averaged the cost at lower prices
Silver consumption in India has increased multi-fold in the past one decade, going by a report on the precious metal released recently by the Silver Institute. According to the World Silver Survey 2018, around 601 tonnes were used in the country in 2008 for jewellery making, and rose to 2,058 tonnes in 2017. In the same period, the use of the metal in silverware rose from 481 tonnes to 1,212 tonnes.
As a result, India's share of silver demand for jewellery and silverware in world market also increased from 14.7 per cent in 2008 to 39.2 per cent in 2017. During the decade, India imported nearly 45,000 tonnes of the metal. The trend for gold demand in jewellery and as an investment is quite different, having fallen in both categories in the country.
Most of the demand increase took place during the past five years. Going by the import figures, average annual import of silver between 2008 and 2012 was 3,080 tonnes, and rose to 5,800 tonnes between 2013 and 2017. Increase in industrial use of silver was significant during the period.
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