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  • SEA wants import duty back on edible oil

    Solvent Extractors' Association (SEA) is seeking immediate imposition of import duty on edible oils in order to curb more defaults following continuous crash in prices. A team of industry members led Mr.Ashok Sethia, President of SEA is likely to have meeting with the government officials in a couple of days.

  • STC/MMTC tender for palm oil import

    State Trading Corporation of India (STC) is tendering to import as much as 12,000 MT of RBD Palm oil, which is due for delivery between October 10 and 20 at Mumbai port. Suppliers have until 11.30 am local time on October 8 to submit offers, according to the tender document. MMTC is also inviting offers for 24,000 MT of RBD palmolein, offers are to be submitted on 10th October for supply between 20 Oct -10 Nov.

  • More vegetable oil import defaults likely

    Indian vegetable oil traders are expected to renege on more import deals due to sharp drop in Malaysian prices, a plunge which could force the Union Government to reimpose an import tax on crude palm oil, trade officials said. Palm oil prices are trading at their lowest in more than 22 months and are around 60 per cent below record levels of 4,486 ringgit ($1,289) hit in March. On Monday, the benchmark December contract on the Bursa Malaysia Derivatives Exchange briefly dropped 200 ringgit to 1,800 RM, a level unseen since November 20, 2006. "Certainly there will be defaults," said Mr.Sethia, President of the Solvent Extractors' Association of India.
 


 
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