India’s base oils imports rose to a two-year high in May, boosting blenders’ inventories ahead of a seasonal slowdown in demand during the monsoon season.The surge in imports curbed Indian buyers’ demand for additional supplies as they focused on working down their stocks.The fall in demand squeezed India’s imported base oils cargo prices during the second quarter of the year.The lower prices complicated the arbitrage to move more shipments from Asia and the US to India.The lower prices also incentivized importers to speed up the consumption of their existing stocks at current, higher price levels.India’s total base oils imports of 390,000 tonnes in May rose from an already-high volume of close to 350,000 tonnes the previous month, customs data showed.The May volume rose by 34% and for a seventh month from year-earlier levels to the highest since early 2022.Imports rose mostly because of a surge in shipments from Asia, and South Korea especially.Shipments from the northeast Asian country rose to a twenty-six-month high of more than 180,000 tonnes in May.Imports rose even as South Korea’s base oils output and exports fell in April because of plant maintenance work that month.India’s base oils imports from Singapore remained unusually high at more than 60,000 tonnes in May.The volume was the second-highest in more than seven years. The highest during that period was in April.Imports from Singapore surged even as the city-state’s monthly base oils exports held in a narrow range over most of the past year.The rise in shipments to India boosted the importance of the country as a key outlet for flows from the city-state.India’s base oils imports from the US rose in May to a six-month high as a wave of arbitrage shipments continued to reach the country.India’s high stocks, weaker demand and plentiful supplies in Asia curbed any impact of the less workable arbitrage to move additional shipments from US to the country.Base oils imports from Saudi Arabia rose to a seven-month high in May, adding to signs of increasingly steady flows from the Middle East country to India..India’s May lube demand rises.Taiwan’s May base oils exports rise
India’s base oils imports rose to a two-year high in May, boosting blenders’ inventories ahead of a seasonal slowdown in demand during the monsoon season.The surge in imports curbed Indian buyers’ demand for additional supplies as they focused on working down their stocks.The fall in demand squeezed India’s imported base oils cargo prices during the second quarter of the year.The lower prices complicated the arbitrage to move more shipments from Asia and the US to India.The lower prices also incentivized importers to speed up the consumption of their existing stocks at current, higher price levels.India’s total base oils imports of 390,000 tonnes in May rose from an already-high volume of close to 350,000 tonnes the previous month, customs data showed.The May volume rose by 34% and for a seventh month from year-earlier levels to the highest since early 2022.Imports rose mostly because of a surge in shipments from Asia, and South Korea especially.Shipments from the northeast Asian country rose to a twenty-six-month high of more than 180,000 tonnes in May.Imports rose even as South Korea’s base oils output and exports fell in April because of plant maintenance work that month.India’s base oils imports from Singapore remained unusually high at more than 60,000 tonnes in May.The volume was the second-highest in more than seven years. The highest during that period was in April.Imports from Singapore surged even as the city-state’s monthly base oils exports held in a narrow range over most of the past year.The rise in shipments to India boosted the importance of the country as a key outlet for flows from the city-state.India’s base oils imports from the US rose in May to a six-month high as a wave of arbitrage shipments continued to reach the country.India’s high stocks, weaker demand and plentiful supplies in Asia curbed any impact of the less workable arbitrage to move additional shipments from US to the country.Base oils imports from Saudi Arabia rose to a seven-month high in May, adding to signs of increasingly steady flows from the Middle East country to India..India’s May lube demand rises.Taiwan’s May base oils exports rise