India’s Oct base oils imports steady

India’s base oils imports held steady in October as a pick-up in shipments from the Mideast Gulf cushioned a slowdown in supplies from South Korea and the US.

Total imports of close to 280,000t in October were similar to the previous month and only slightly higher than in August, provisional customs data showed.

The steady volumes left total imports of around 1.16mn t in the four months to October up 2pc from year-earlier levels.

The steadier shipments contrasted with a more-than 20pc fall in imports in the first half of the year.

Imports held steady in October even with a fall in month-on-month shipments from South Korea, Taiwan, China and the US.

A surge in shipments from Saudi Arabia covered some of the shortfall.

Imports from the Mideast Gulf country more than doubled in October from September to a nineteen-month high.

Imports from regular sources like Qatar and Spain also rebounded in October.

India also imported larger-than-usual volumes from markets like Bahrain, Malaysia and Belgium, as well as from Singapore.