India’s imports of Group II base oils fell to a nine-month low in February amid a simultaneous slowdown in shipments from Asia, the Mideast Gulf and the US.The country’s imports of Group III 4cst and 8cst base oils fell to a six-month low.Group II base oils imports of around 90,000t in February fell from close to 110,000t the previous month to the lowest since last May, provisional customs data showed.The fall in supplies mostly reflected a drop in shipments from the US and Mideast Gulf, and mostly of light and mid-viscosity grades.Imports fell ahead of a typical seasonal surge in India’s lube demand in the month of March as blenders boost sales before financial year-end.Lower supply and stronger demand raised the prospect of cutting Indian blenders’ inventories and prompting moves to replenish their stocks.Any such moves coincided with signs of more limited Group II supplies from the Mideast Gulf amid a slowdown in exports from Saudi Arabia.The trend boosted interest in supplies from other markets and supported prices that made more feasible the flow of arbitrage shipments from sources like the US.The premium of CFR India Group II light-grade base oils prices over US export prices rose to close to $200/t in recent weeks, ICIS data showed.The premium widened from less than $60/t at the start of the year.The premium of CFR India heavy-grade prices over US export prices also widened sharply.The widening premium boosted the attraction of securing more supplies of various grades from the US to move to India.Several such arbitrage shipments from the US were duly lined up to move to India.India’s Group III 4cst base oils imports of less than 15,000t in February fell from more than 22,000t in each of the previous three months.Imports fell mostly because of a drop in supplies from the Mideast Gulf..India’s Feb v light-grade imports rise.India’s February base oils imports fall.Saudi Arabia’s Feb Yanbu/Jeddah exports fall
India’s imports of Group II base oils fell to a nine-month low in February amid a simultaneous slowdown in shipments from Asia, the Mideast Gulf and the US.The country’s imports of Group III 4cst and 8cst base oils fell to a six-month low.Group II base oils imports of around 90,000t in February fell from close to 110,000t the previous month to the lowest since last May, provisional customs data showed.The fall in supplies mostly reflected a drop in shipments from the US and Mideast Gulf, and mostly of light and mid-viscosity grades.Imports fell ahead of a typical seasonal surge in India’s lube demand in the month of March as blenders boost sales before financial year-end.Lower supply and stronger demand raised the prospect of cutting Indian blenders’ inventories and prompting moves to replenish their stocks.Any such moves coincided with signs of more limited Group II supplies from the Mideast Gulf amid a slowdown in exports from Saudi Arabia.The trend boosted interest in supplies from other markets and supported prices that made more feasible the flow of arbitrage shipments from sources like the US.The premium of CFR India Group II light-grade base oils prices over US export prices rose to close to $200/t in recent weeks, ICIS data showed.The premium widened from less than $60/t at the start of the year.The premium of CFR India heavy-grade prices over US export prices also widened sharply.The widening premium boosted the attraction of securing more supplies of various grades from the US to move to India.Several such arbitrage shipments from the US were duly lined up to move to India.India’s Group III 4cst base oils imports of less than 15,000t in February fell from more than 22,000t in each of the previous three months.Imports fell mostly because of a drop in supplies from the Mideast Gulf..India’s Feb v light-grade imports rise.India’s February base oils imports fall.Saudi Arabia’s Feb Yanbu/Jeddah exports fall
