NEW DELHI, March 12 (Reuters) - India's refined palm oil imports nearly trebled in February from the previous month after changes in Indonesia's export taxes and this pace could continue, putting refiners in the world's largest edible oils importer at risk of closure.
Total palm oil imports -- the bulk of India's edible oil purchases -- rose 28 percent last month to 654,167 tonnes, according to the average of a survey of eight traders, with soyoil imports seen up 69.7 percent over January.
Traders said imports of refined palm oil ranged between 250,000-300,000 tonnes in February, sharply higher than the 114,033 tonnes imported in January.
"Refined palm oil imports almost trebled last month due to the lower Indonesian export tax," said K.K. Goel, a Delhi-based trader.
Refined palm oil imports rose as the spread with crude palm oil narrowed to $35 per tonne from about $63 per tonne in October, when Indonesia, the world's top palm oil producer, lowered its export tax on the refined oil.
India mainly buys palm oils from Indonesia and Malaysia, and small quantities of soyoil from Argentina and Brazil. About half of India's 15-16 million tonnes of edible oils demand is met through imports.
Total palm oil imports -- the bulk of India's edible oil purchases -- rose 28 percent last month to 654,167 tonnes, according to the average of a survey of eight traders, with soyoil imports seen up 69.7 percent over January.
Traders said imports of refined palm oil ranged between 250,000-300,000 tonnes in February, sharply higher than the 114,033 tonnes imported in January.
"Refined palm oil imports almost trebled last month due to the lower Indonesian export tax," said K.K. Goel, a Delhi-based trader.
Refined palm oil imports rose as the spread with crude palm oil narrowed to $35 per tonne from about $63 per tonne in October, when Indonesia, the world's top palm oil producer, lowered its export tax on the refined oil.
India mainly buys palm oils from Indonesia and Malaysia, and small quantities of soyoil from Argentina and Brazil. About half of India's 15-16 million tonnes of edible oils demand is met through imports.
