India’s imports of very-light grade N70 base oils fell in September to their lowest in more than two years amid a slump in supplies from Asia, Mideast Gulf and Europe.Imports of less than 35,000t in September fell from more than 62,000t the previous month, provisional customs data showed.Imports averaged more than 65,000 t/month over the past year. They fell below the 50,000 t/month level just two times since the beginning of 2021.Imports fell amid a drop in shipments from Asia to less than 5,000t in September, from more than 14,000t the previous month.Imports of less than 7,000t from Europe fell from more than 17,000t in August.Imports of less than 20,000t from the Mideast Gulf in September fell from more than 30,000t the previous month.The drop in supplies preceded a seasonal pick-up in India’s base oils and lube demand following the end of the monsoon season and ahead of the festival season in the fourth quarter.India’s premium of imported prices for Group II N70 base oils over Group II N150 rose in October to its widest level in a year, ICIS data showed..India’s September base oils imports rise
