India’s Group II base oils imports were steady in September, lagging a steep recovery in the country’s total shipments that month.India’s Group II imports of around 92,000 tonnes in September were similar to the previous month and down 4% from year-earlier levels, provisional customs data showed.The steady volume lagged the 23% rise in the country’s total imports in September to a four-month high.The diverging trends reflected a drop in the country’s imports of Group II heavy-grade base oils that outpaced a recovery in shipments of light-grade supplies.The dynamic reversed a surge in imports of heavy-grade base oils and slowdown in shipments of light grades in July and August.Imports of heavy grades fell to less than 40,000 tonnes in September for the first time in three months and for just the second time in fifteen months.The volume contrasted with monthly imports close to or above the 50,000-tonne level in four of the previous five months to August.The slowdown in imports in September could have reflected a pause following the sustained flow of higher-than-usual shipments in recent months.It also coincided with CFR India Group II heavy-grade base oils prices that slid to an unusual discount to FOB NE Asia cargo prices in August and September.The weak price level pointed to more muted demand and complicated the arbitrage to move more shipments to the country.The drop in imports of heavy grades contrasted with a recovery in shipments of light-grade base oils.Imports of more than 53,000 tonnes in September rose from less than 40,000 tonnes in each of the previous three months.Before June, the last time monthly imports of light-grade base oils fell below 40,000 tonnes was in September 2023.The pick-up in shipments followed a rise in the premium of CFR India Group II N150 prices over FOB NE Asia cargo prices to a five-month high by the end of the third quarter of the year..India’s September base oils imports rise.S Korea's Sept exports to India fall.India’s September lube demand rises
