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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.
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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.
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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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