India's base oil imports fell by 38pc on the year to 169,648t in July, following high volumes of cargo arrivals in the second quarter.
- India imported a total of 920,097t of base oils in the second quarter, a 72pc jump from the same period a year earlier.
- South Korea remained the top supplier in July, but imports from South Korea fell by 33pc on the year and 58pc on the month.
- Indian blenders carried ample inventory and were not in a hurry to replenish cargoes for July arrivals.
- Finished lubricant demand ebbed between June to September because of the monsoon season, when transport and industrial activities slowed down.
- Argus-assessed N150 cfr India prices averaged at $866.25/t in July, down by 2.4pc from a month earlier. N500 cfr India prices averaged at $982.50/t in July, stable from a month earlier because of tighter spot supply of heavy grades.
| India base oils imports | (t) | ||||
| Jul'24 | m-o-m ± % | y-o-y ± % | Jan-Jun'24 | y-o-y ± % | |
| South Korea | 52,939 | -58.1 | -33.3 | 693,135 | 39.5 |
| Singapore | 32,714 | 2.4 | 1.9 | 233,660 | 32.4 |
| Saudi Arabia | 24,228 | 21.5 | 30.7 | 137,320 | -21 |
| UAE | 20,026 | -38.4 | -41.5 | 173,011 | 34.3 |
| Taiwan | 10,808 | 26,920 | 4.9 | 50,459 | -17.5 |
| Monthly total | 169,648 | -40.4 | -38.1 | 1,647,053 | 19.3 |
| Source: GTT | |||||
| Total includes all countries, not just those listed | |||||
