Sunflower Oil has Significantly Risen in Price in Russia
OREANDA-NEWS. According to the review of the Sovekon analytical center, domestic prices for sunflower oil in Russia have grown so strongly in recent years that they have broken a price record.
It is noted that the main factor that led to the rise in prices for sunflower oil was a strong increase in export prices.
A sharp rise in domestic prices for raw sunflower oil was outlined last week, and a rapid rise in export quotations was also revealed.
In fact, domestic quotes for sunflower oil rose 6.6 percent. Thus, they broke the record and reached the level of 74,175 thousand rubles per ton (delivery - EXW, European part of Russia, VAT included). Also, prices for sunflower rose by 4.66 percent, a ton of which began to cost 30,875 thousand rubles (excluding VAT). Sunflower oil for export, in turn, rose in price by 3.78 percent to $ 960 per ton (delivery - FOB). It is noted that this happened against the background of active growth of the world oilseed complex in the first half of the week.
Some sunflower oil producers sought to reduce the purchase prices for raw materials for it, claiming large reserves and sufficient supply. Nevertheless, in the second half of the week, many of them began to raise prices, which increased by two to four thousand rubles per tonne in a few weeks after a short drop.
Specialists of the analytical center note that prices on the sunflower oil market will generally continue to rise. The decrease in world prices for soybean and palm oil, as well as the theft of the Russian ruble, will hold back the rise in prices.