Peru’s July imports hold steadier

Peru’s July imports hold steadier

Peru’s base oils and lube imports held in a narrow range in July, with supplies from the US accounting for a smaller-than-usual share of the total.

Total imports of more than 9,000 kilolitres (8,250t) in July were similar to June levels and up 41pc from year-earlier levels, provisional customs data showed.

Imports of more than 64,000kl in the first seven months of the year still fell 17pc from more than 75,000kl during the same period last year.

Shipments from the US accounted for some 76pc of the country’s base oils imports during that period.

The share was down from close to 85pc during the same period in 2022.

The lower share mostly reflected ongoing imports from Asia, even with the arbitrage less attractive than last year.

The arbitrage from Asia remained feasible for some products like Group II heavy grades and Group I bright stock.

Asia-Pacific prices for these supplies remained at a steep discount to US prices, ICIS data showed.

The July imports included Group II heavy neutrals from South Korea and bright stock from Thailand.

Peru’s July imports hold steadier
US’ June base oils exports to Latam rise

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