India’s imports of very-light-grade base oils surged to a thirty-month high in September, accounting for all the country’s rise in shipments that month.Imports of Group II+ 2cst and 3cst base oils rose to more than 155,000 tonnes in September, provisional customs data showed.The volume rose from less than 82,000 tonnes the previous month to the highest since the first quarter of 2022.Their 80% surge in imports from year-earlier levels also far outpaced the 23% rise in India’s total base oils imports in September.Excluding very-light grade base oils, India’s base oils imports fell by 4% and for a fourth month in September from year-earlier levels to the second-lowest level in eleven months.The extended drop in shipments of other base oils grades complicated blenders’ ability to replenish stocks and preceded a seasonal pick-up in demand in the fourth quarter of the year.It also preceded a likely slowdown in India’s base oils imports in the fourth quarter of the year because of maintenance work at a key base oils plant in South Korea.The surge in India’s imports of very-light grade base oils likely exceeded the country’s requirements for the grade.The rise in shipments followed a gradual fall in CFR India Group II N70 base oil prices during the third quarter of the year. The lower prices contrasted with steady domestic retail diesel prices.The premium of retail diesel prices over CFR India Group II N70 duly rose during the third quarter, climbing in September to its highest level in more than two years..India’s September base oils imports rise.India Sept Group II imports hold steady.India’s September lube demand rises
