India’s imports of heavy-grade base oils fell to a four-month low in April, contrasting with a rise in the country’s total base oils imports.Lower heavy-grade imports, combined with plant maintenance in India in the second quarter of the year, complicated blenders’ ability to secure more supplies of the product.Total imports of Group I and Group II heavy-grade base oils fell to around 50,000 tonnes in April, customs data showed..The volume fell from more than 70,000 tonnes in each of the previous three months to the lowest since December.The fall in shipments contrasted with a surge in India’s imports of light-grade base oils that drove the country’s rise in total imports in April.Heavy grades as a share of India’s base oils imports duly fell to less than 14% of the total in April, down from a more-than 23% share in the first quarter of the year.Overlapping plant maintenance work in India and in the Middle East in the second quarter of the year compounded the drop in supply.Imports of Group I heavy grades from key suppliers in the Middle East fell to around 7,000 tonnes in April, down from more than 15,000 tonnes in each of the previous three months.The tighter supply coincided with a rise in India’s heavy-grade base oils imported cargo price relative to light grades and relative to FOB Asia cargo prices throughout the second quarter of the year.Base oils price levels rose despite the rise in India’s total imports, a seasonal slowdown in demand, lower crude oil prices, and expectations of improving availability later in the second quarter of the year.The firmer price levels suggested that lower supply of heavy grades more than outweighed for now the impact of those various factors..India’s April base oils imports rise.S Korea April exports to India stay high.India’s April lube demand falls
