India’s base oils imports held firm in January even amid slower domestic demand and a persistent supply overhang during the fourth quarter of last year.The ongoing pick-up in imports pointed to expectations of a rise in demand and prices over the coming months.It also highlighted ready availability of supplies even with logistical disruptions in the Mideast Gulf and Group I plant maintenance work in southeast Asia.The tighter availability and firmer prices of Group I base oils in Asia instead provided opportunities for supplies from other regions to cover more of India’s requirements.The country's January imports included a swathe of supplies from Russia.India’s base oils imports of more than 310,000t in January fell from around 330,000t the previous month, provisional customs data showed.The volume remained well above typical levels of close to 280,000 t/month in the first ten months of last year.Imports fell from December because of a drop in shipments from key sources like South Korea, Spain, and Qatar.Imports from China and Thailand combined also fell to less than 1,000t in January for the first time since early 2022.Those two markets were key sources of Group I base oils for Indian buyers over most of the previous two years.A wave of Group I light and mostly heavy-grade supplies from Russia helped to cover the shortfall.Imports of more than 14,000t from the country in January contrasted with a dearth of such shipments over the previous two years..India’s January lube demand falls
India’s base oils imports held firm in January even amid slower domestic demand and a persistent supply overhang during the fourth quarter of last year.The ongoing pick-up in imports pointed to expectations of a rise in demand and prices over the coming months.It also highlighted ready availability of supplies even with logistical disruptions in the Mideast Gulf and Group I plant maintenance work in southeast Asia.The tighter availability and firmer prices of Group I base oils in Asia instead provided opportunities for supplies from other regions to cover more of India’s requirements.The country's January imports included a swathe of supplies from Russia.India’s base oils imports of more than 310,000t in January fell from around 330,000t the previous month, provisional customs data showed.The volume remained well above typical levels of close to 280,000 t/month in the first ten months of last year.Imports fell from December because of a drop in shipments from key sources like South Korea, Spain, and Qatar.Imports from China and Thailand combined also fell to less than 1,000t in January for the first time since early 2022.Those two markets were key sources of Group I base oils for Indian buyers over most of the previous two years.A wave of Group I light and mostly heavy-grade supplies from Russia helped to cover the shortfall.Imports of more than 14,000t from the country in January contrasted with a dearth of such shipments over the previous two years..India’s January lube demand falls
