Indian Buyer Says Details of Indonesia Palm Export Ban a Relief
- Ruchi Soya CEO says ‘very comfortable now’ after clarification
- Indonesia will ban palm olein exports and not crude palm oil
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The edible oil industry in India got a big relief after top grower Indonesia clarified it would only halt exports of some palm oil products instead of a complete ban as widely expected, according to Ruchi Soya Industries Ltd.
India is the world’s biggest importer of vegetable oils and is particularly at risk from Indonesian policy changes. Indonesia said Friday it would ban all exports of cooking oil before clarifying days later it only applies to RBD palm olein and not crude palm oil, a move that’s sparked wild swings in the market.