MUMBAI, Sept 22 (Reuters) - India's imports of soyoil are likely to come down in the marketing year starting Nov. 1, 2012, as the oil has become more expensive in relation to palm oil, a leading India-based edible oil importer told Reuters on Saturday.
In the year ending Oct. 31, 2012, the world's biggest edible oil importer is likely to buy about 1 million tonnes of soyoil from overseas, Atur Chaturvedi, chief executive of Adani Wilmar, said on the sidelines of the Globoil Conference.
Currently, soyoil is asking about $300 per tonne premium over palm oil -- from around $146 per tonne in May -- deterring buyers from putting in new orders for the contract year starting Nov. 1, 2012.
Crude palm oil imports to India in August averaged $980 per tonne on a delivered basis, according to the Solvent Extractors' Association of India. Soyoil imports averaged $1,276 per tonne.
India imports mostly palm oil, sourced from Indonesia and Malaysia, and small quantities of soyoil from Argentina and Brazil.
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