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Indian vegetable oil refiners have sharply curtailed purchases of palm oil, soyoil and sunflower oil, betting that a price rally driven by the Middle East conflict (referred to as the Iran war) will fade, industry officials said on March 24, 2026.
India, the worldâs largest vegetable oil importer, brought in an average 1.36 million metric tons a month in the marketing year to October 2025 but imports are expected to fall to about 1.1 million tons in March.
Palm oil shipments for March were estimated at roughly 680,000 tons, down from 847,689 tons the previous month.
Buyers have pared back March and April deliveries, citing comfortable stock levels and the arrival of a record new-season rapeseed crop that partly offsets lower imports.
Lower Indian demand could curb recent gains in Malaysian palm oil and U.S. soyoil prices, while supporting domestic oilseed growers and local vegetable oil prices.
Traders noted palm oil had climbed to a more-than-one-year high earlier in March on expectations that higher crude oil from the conflict would boost biodiesel demand; prices have since corrected.








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