India’s base oils imports stayed firm in December, even as they slipped from the previous month, on the back of a sustained wave of shipments from South Korea.Higher-than-usual shipments from Qatar and Spain added to the firm import volume.The strong pick-up in imports in the last two months of the year provided a valuable outlet for surplus supplies in Asia and Mideast Gulf and helped to meet a sustained rise in India’s domestic lube demand.The rise in shipments likely boosted domestic blenders’ stocks, curbing their urgency to secure additional supplies early this year unless prices were deemed to be competitive.India’s base oils imports of close to 330,000t in December fell from more than 350,000t the previous month, provisional customs data showed.The November volume was the highest in twenty months. The December volume was the second-highest in nineteen months.India’s total imports of 3.50mn t in 2023 fell by 5pc from 3.66mn t in 2022 even with the pick-up in shipments at year-end.The contraction narrowed from a 21pc drop in shipments in first-half 2023.Imports held firm in December amid a revival in shipments from South Korea to the country during the fourth quarter of last year.Imports from South Korea for arrival in January showed signs of slowing from those high levels.Shipments from the northeast Asian country had previously stayed unusually low since second-half 2022.The slowdown reflected a combination of factors including plant-maintenance work in South Korea and a drop in India’s demand for very-light grade base oils..India’s Dec lube demand rises.S Korea's Dec base oils exports rise
