India’s imports of Group I and Group II heavy-neutrals base oils rose to a multi-year high in January as buyers locked in a swathe of supplies from less regular sources like US and Middle East.Combined imports of Group I and Group II heavy-grade base oils rose to close to 70,000 tonnes in January, provisional customs data showed.The volume was rose from less than 40,000 tonnes in December and matched the highest level in more than four years..The jump in imports enabled buyers to replenish depleted stocks of heavy-grade base oils following a dip in imports of the supplies in late-2024.Buyers also took the opportunity to target surplus volumes and competitive prices for shipments in other markets compared with supplies from Asia.India's Group II heavy-grade imports of more than 52,000 tonnes in January included close to 10,000 tonnes from the US.The supplies were the first from that market since last July.Group II heavy-grade imports from Asia also rose in January, but reverted to rather than exceeded more typical levels.India’s Group I heavy-grade imports in January included more than 13,000 tonnes from Iraq. The volume was the highest from that market in more than three years.The availability and arrival of the shipments from other sources coincided with a dip in India's CFR Group II heavy-grade premium to FOB Asia prices in January.The narrower price spread pointed to weaker demand and cut the attraction of lining up more shipments from Asia to India.The prospect of tighter supplies in Asia in the coming months because of plant maintenance increased the importance of a continuation of the availability of surplus shipments from those other sources.A recovery in the CFR India Group II heavy-grade premium to FOB Asia prices in February pointed to tighter availability of supplies from those other sources and the need to lock in more shipments from Asia. .India’s January base oils imports rise.US’ Nov base oils/lube exports slip.S Korea December base oils exports fall
