India’s imports of Group II heavy-neutrals base oils fell in December to the second-lowest level in six months, adding to signs of tighter availability of the base oils grade in the Asia-Pacific market.The country’s imports of Group I heavy neutrals also fell in December, pushing the drop in combined Group I and Group II heavy-grade shipments to the lowest level since mid-2023.The slide in shipments increased Indian buyers’ reliance on supplies from domestic refiners ahead of a seasonal rise in lube consumption in the first quarter of the year.The country’s imports of Group II heavy grades fell to less than 35,000 tonnes in December, from more than 43,000 tonnes the previous month, provisional customs data showed.The November volume was the highest in three months, after unusually low shipments in September and October.The slowdown in flows during those two months coincided with maintenance work on a key Group II base oils plant in South Korea.Imports slowed in December despite the lack of any such maintenance work, as a drop in shipments from southeast Asia countered a pick-up in supplies from South Korea.Tighter Group II heavy-grade imports in second-half 2024 and their unusually high price relative to Group I base oils incentivized buyers to procure more of the Group I supplies instead.Imports of Group I heavy neutrals from key sources more than doubled in the first eleven months of last year from year-earlier levels, reflecting that dynamic.A slump in imports of Group I heavy-neutrals base oils in December curbed that option amid a simultaneous dip in supplies from sources like Iraq, Russia and southeast Asia.The slump in total heavy-grade imports left Indian buyers increasingly reliant on a sustained recovery in supplies from domestic refiners.Domestic base oils output stayed unusually low throughout most of the second half of last year before recovering in November.A pick-up in arbitrage shipments from the US to India late last year also pointed to moves to tap that market for surplus heavy-grade volumes.Unlike Asia, the US market faced tighter availability of Group II light grades than heavy grades late last year..India’s December base oils imports slip .Taiwan’s Dec base oils exports hold firm.S Korea December base oils exports fall
India’s imports of Group II heavy-neutrals base oils fell in December to the second-lowest level in six months, adding to signs of tighter availability of the base oils grade in the Asia-Pacific market.The country’s imports of Group I heavy neutrals also fell in December, pushing the drop in combined Group I and Group II heavy-grade shipments to the lowest level since mid-2023.The slide in shipments increased Indian buyers’ reliance on supplies from domestic refiners ahead of a seasonal rise in lube consumption in the first quarter of the year.The country’s imports of Group II heavy grades fell to less than 35,000 tonnes in December, from more than 43,000 tonnes the previous month, provisional customs data showed.The November volume was the highest in three months, after unusually low shipments in September and October.The slowdown in flows during those two months coincided with maintenance work on a key Group II base oils plant in South Korea.Imports slowed in December despite the lack of any such maintenance work, as a drop in shipments from southeast Asia countered a pick-up in supplies from South Korea.Tighter Group II heavy-grade imports in second-half 2024 and their unusually high price relative to Group I base oils incentivized buyers to procure more of the Group I supplies instead.Imports of Group I heavy neutrals from key sources more than doubled in the first eleven months of last year from year-earlier levels, reflecting that dynamic.A slump in imports of Group I heavy-neutrals base oils in December curbed that option amid a simultaneous dip in supplies from sources like Iraq, Russia and southeast Asia.The slump in total heavy-grade imports left Indian buyers increasingly reliant on a sustained recovery in supplies from domestic refiners.Domestic base oils output stayed unusually low throughout most of the second half of last year before recovering in November.A pick-up in arbitrage shipments from the US to India late last year also pointed to moves to tap that market for surplus heavy-grade volumes.Unlike Asia, the US market faced tighter availability of Group II light grades than heavy grades late last year..India’s December base oils imports slip .Taiwan’s Dec base oils exports hold firm.S Korea December base oils exports fall
