India’s Group II and Group III base oils imports rose in January even as the country’s total imports fell.The diverging trends reflected the country’s growing demand for premium-grade base oils to meet its rising lubricants consumption.Imports of very-light grade base oils by contrast fell in January to a five-month low.Imports of Group II and Group III base oils face the prospect of slowing later in the year even as demand for premium grades continues to rise.A swathe of new base oils production capacity in India is set to start up later this year. The supplies will cover more of the country’s domestic demand, cutting requirements for imports.Demand for premium-grade base oils imports continued to rise for now.They could also stay firmer for longer if the scheduled start-up time of the new plants is pushed back. Imports of Group II base oils rose to close to 110,000t in January, provisional customs data showed.The volume rose from around 100,000t the previous month to levels that were close to the highest in years.Imports got a boost mostly from a pick-up in shipments of mid-viscosity and heavy-grade base oils from the US.More arbitrage supplies from that market were likely to reach India over the coming months.Imports of Group III 4cst base oils rose to close to 25,000t in January and held above the 20,000t level for the fourth time in five months.Before August 2023, they had failed to exceed that level since at least 2020.Imports rose as a pick-up in supplies from UAE and Qatar countered a dip in shipments from South Korea..India’s Jan base oils imports stay high.India’s January lube demand falls
India’s Group II and Group III base oils imports rose in January even as the country’s total imports fell.The diverging trends reflected the country’s growing demand for premium-grade base oils to meet its rising lubricants consumption.Imports of very-light grade base oils by contrast fell in January to a five-month low.Imports of Group II and Group III base oils face the prospect of slowing later in the year even as demand for premium grades continues to rise.A swathe of new base oils production capacity in India is set to start up later this year. The supplies will cover more of the country’s domestic demand, cutting requirements for imports.Demand for premium-grade base oils imports continued to rise for now.They could also stay firmer for longer if the scheduled start-up time of the new plants is pushed back. Imports of Group II base oils rose to close to 110,000t in January, provisional customs data showed.The volume rose from around 100,000t the previous month to levels that were close to the highest in years.Imports got a boost mostly from a pick-up in shipments of mid-viscosity and heavy-grade base oils from the US.More arbitrage supplies from that market were likely to reach India over the coming months.Imports of Group III 4cst base oils rose to close to 25,000t in January and held above the 20,000t level for the fourth time in five months.Before August 2023, they had failed to exceed that level since at least 2020.Imports rose as a pick-up in supplies from UAE and Qatar countered a dip in shipments from South Korea..India’s Jan base oils imports stay high.India’s January lube demand falls
