Castor oil international market price An increase of 23.07% from a year ago
India is the world’s largest producer of commodities, and the production of castor seeds is low, making the price of castor oil in the international market higher than a year ago. 23.07%.
According to industry executives, the price of castor oil in the international market has reached US$1,600 per ton, compared with US$1,300 per ton a year ago.
In the domestic market, its price has risen 27% to Rs 1,150 per 10 kg from Rs 900 a year ago, although the domestic market is very small compared to overseas demand.
“In the calendar year 2019, we do not expect exports to increase compared to 2018, as the country exported 55,000-60,000 tons of castor oil. Due to the shortage of castor seed supply, it may even increase this year Reduced,” Abhay V Udeshi, president of the International Castor Oil Association, told ET.
India accounts for 85% of global castor seed production. It has been eyeing top growers of oilseeds at 11.26 lakh metric tonnes in summer sowing 2018 as compared to 14.16 lakh metric tonnes in summer sowing 2017. Gujarat has been eyeing the other major states of Rajasthan, Andhra Pradesh and Telangana Producing countries. Castor, a long-term kharif crop, is sown in July-August and harvested in December-January. Udeshi, who is also chairman of JayantAgro, said prices are likely to firm up in the coming months. “We expect prices to rise another 15% in the coming months as there will be no fresh stock until January next year,” he said.
According to international reports, the global castor oil market was US$1.18 billion in 2018 and is expected to reach US$1.47 billion by the end of 2025, with a compound annual growth rate of 2.8% between 2019 and 2025.
India exports castor oil to China, Japan, Europe and the United States.
”Demand in China has slowed down due to the trade war between China and the United States. Currently, negotiations are ongoing between the two countries and we hope to achieve positive results,” Udeshi said.
Introduction to castor oil:
Castor oil is a triglyceride of fatty acids. Castor oil is found in castor “In the seeds of hemp, its content is 35% to 57.%.” Castor oil is obtained by squeezing or solvent extraction. It is almost colorless or slightly yellow, clear and viscous liquid; has a slight odor; has a light taste and then is slightly pungent. It is easily dissolved in ethanol. Soluble, can be mixed with absolute ethanol, chloroform, ether or glacial acetic acid. It has good stability, color retention, flexibility, pigment dispersion, wettability, lubricity, low temperature properties, electrical properties and biological properties, so , can be used in conjunction with varnish coatings, artificial leather, inks, sealants, lubricants, stationery, cosmetics, electrical insulation materials, medicine, etc.
Castor oil uses:
Used in the manufacture of Turkish red oil, soap, plastics, lubricants, etc.;
Used in the production of daily cosmetics, shoe polish, medical ointments, used as the main base of lipsticks, and can also be used in creams, lotions and hair care Among the products. It is the raw material for preparing 12-hydroxystearic acid;
It is used to produce sebacic acid, cold-resistant plasticizers, lubricants, spices, penetrants, emulsifiers for the textile industry, etc.;
Used to make laxatives and zinc preparations; leather fatliquor. Preparation of sulfated castor oil. Leather finishing extender and brightener;
Used to make plasticizers. Agent, dibasic acid, polyurethane coating, rubber, adhesive, fatty acid, surfactant, insulating oil, hydraulic oil, lubricating oil, Turkish red oil, soap, polyamide-11 fiber, etc.
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