Vietnam’s base oils imports held firm in September, with Group II heavy neutrals accounting for a growing share of the country’s heavy-grade supplies.Total imports of 20,700 tonnes in September fell from a fifteen-month high of more than 26,000 tonnes in August, provisional customs data showed.The September volume was similar to import levels in the five months to July and rose for a second month from year-earlier levels.Group I and Group II heavy-grade base oils accounted for more than 30% of the imports in September, down from a share of more than 45% in the first nine months of the year.Group II heavy neutrals accounted for more than 92% of the heavy-grade volume in September and in the first nine months of the year.The share was up from less 87% of the total volume in 2023.Rising Group II heavy-grade shipments to markets in Asia like India and Pakistan this year added to the strong demand fundamentals for the grade.Asia’s Group II heavy-grade base oils price-strength reflected that trend.The FOB NE Asia Group II N500 price flipped from a steep discount to Group I SN 500 at the start of the year to a sustained premium that rose to $50/tonne in October.South Korea and Singapore accounted for more than 90% of Vietnam’s base oils imports in September, highlighting the country’s importance for both suppliers as a key outlet for their Group II base oils.That importance is set to grow following the planned start-up of additional Group II production capacity in Singapore in the coming year.Castrol BP Petco remained Vietnam’s largest base oils importer in September and in the first nine months of the year with a share of more than 20% of the total.Vietnam Lubricants and Chemicals, a subsidiary of Motul Asia Pacific, was the second largest in September and so far this year.Its more than 16% share of total imports in the first nine months of the year was up from around 12% in 2023.Chevron Lubricants Vietnam, Petrolimex Petrochemical and Shell Vietnam each accounted for around 11-12% of Vietnam’s base oils imports in the first nine months of the year..Thailand’s August lube demand falls.Asia’s August lube demand falls.India’s September base oils imports rise
