- India’s sunflower oil imports fell 5% month-on-month in October 2025 to 240.2 thousand tons, signaling softer near-term demand.
- Argentina overtook Russia as India’s top sunflower oil supplier with 105.3 thousand tons, while Russian shipments slumped 39% from September.
- Weaker soybean oil imports (down 23% m/m to 405.8 thousand tons) point to broader moderation in India’s vegetable oil buying.
- The shift toward South American origins is neutral to slightly bearish for Black Sea suppliers, potentially pressuring FOB prices if the trend persists.
Market Update
India imported 240.2 thousand tons of sunflower oil in October 2025, a 5% decline versus September, according to data reported by Zerno On-Line on January 6. Over the same period, soybean oil imports reached 405.8 thousand tons, down 23% month-on-month, indicating a broader cooling in India’s vegetable oil import demand.
On the supply side, Argentina emerged as India’s leading sunflower oil supplier, raising shipments to 105.3 thousand tons in October from 99.7 thousand tons in September. Russia slipped to second place, with volumes dropping sharply to 90.3 thousand tons from 148.6 thousand tons a month earlier.
Import Volumes by Origin
| Commodity | Supplier | October 2025 Imports (thousand tons) | September 2025 Imports (thousand tons) | Month-on-Month Change |
|---|---|---|---|---|
| Sunflower oil | India (total imports) | 240.2 | ≈252.8 | -5% |
| Sunflower oil | Argentina | 105.3 | 99.7 | +5.6 |
| Sunflower oil | Russia | 90.3 | 148.6 | -39% |
| Soybean oil | India (total imports) | 405.8 | ≈526.4 | -23% |
Market Analysis
Neutral to slightly bearish for Black Sea suppliers. The 39% month-on-month drop in Russian sunflower oil exports to India underscores weakening competitiveness in a key demand center, likely as Argentine and other South American origins offer more attractive pricing or logistics. Argentina’s ability to expand volumes while Russia cedes market share suggests Black Sea exporters could face ongoing headwinds in India.
If Indian buyers continue to favor South American supplies, Russian and broader Black Sea sunflower oil may need to be redirected to alternative markets, potentially increasing competition and pressuring FOB prices from the region. For now, the trend signals a relative advantage for South American exporters, while overall softer Indian import volumes temper upside for global sunflower and soybean oil prices.
Source: Market Data
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