India’s Group II base oils imports rose to a four-month high in February on the back of a surge in shipments from South Korea and higher volumes from Taiwan.There were signs of a slowdown in shipments from South Korea to India in March. But more supplies from Taiwan likely reached India this month. The rise in Group II shipments contrasted with a fall in India’s imports of very-light grade base oils.The fall in shipments was from already-low levels and coincided with plant maintenance work in India in February.The drop in supplies raised the prospect of cutting buyers’ stocks and boosting their requirements for the light-grade product.India’s imports of Group II light and heavy-grade base oils rose to almost 88,000t in February, provisional customs data showed..The volume was up from less than 60,000t in each of the previous two months.Imports of light grades rose to a four-month high, and heavy grades to a six-month high.The rise in supplies helped to cover for a drop in domestic base oils production in February. They also replenished blenders’ inventories ahead of the peak lube demand period before financial year-end at end-March.Supplies rose even amid a drop in Group II shipments from the Mideast Gulf and the US.The fall in shipments from those markets was also instrumental in the drop in India’s imports of very-light grade base oils in February.Imports of the supplies slumped in the past year as some overseas producers cut output of the product.India’s retail diesel price premium to light-grade base oils prices over the past year was also lower than in recent years.The import volumes had likely fallen close to levels below which blenders would have insufficient supply to produce certain types of lubricants.Imports of very-light grades from the Mideast Gulf fell by more than half in February from the previous month to the second-lowest level in almost two years.Imports from the US also fell in February from the preivous month. They were likely to remain low in March amid a relatively light flow of arbitrage shipments from the country to India in recent months..S Korea's February exports to India fall
India’s Group II base oils imports rose to a four-month high in February on the back of a surge in shipments from South Korea and higher volumes from Taiwan.There were signs of a slowdown in shipments from South Korea to India in March. But more supplies from Taiwan likely reached India this month. The rise in Group II shipments contrasted with a fall in India’s imports of very-light grade base oils.The fall in shipments was from already-low levels and coincided with plant maintenance work in India in February.The drop in supplies raised the prospect of cutting buyers’ stocks and boosting their requirements for the light-grade product.India’s imports of Group II light and heavy-grade base oils rose to almost 88,000t in February, provisional customs data showed..The volume was up from less than 60,000t in each of the previous two months.Imports of light grades rose to a four-month high, and heavy grades to a six-month high.The rise in supplies helped to cover for a drop in domestic base oils production in February. They also replenished blenders’ inventories ahead of the peak lube demand period before financial year-end at end-March.Supplies rose even amid a drop in Group II shipments from the Mideast Gulf and the US.The fall in shipments from those markets was also instrumental in the drop in India’s imports of very-light grade base oils in February.Imports of the supplies slumped in the past year as some overseas producers cut output of the product.India’s retail diesel price premium to light-grade base oils prices over the past year was also lower than in recent years.The import volumes had likely fallen close to levels below which blenders would have insufficient supply to produce certain types of lubricants.Imports of very-light grades from the Mideast Gulf fell by more than half in February from the previous month to the second-lowest level in almost two years.Imports from the US also fell in February from the preivous month. They were likely to remain low in March amid a relatively light flow of arbitrage shipments from the country to India in recent months..S Korea's February exports to India fall
