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India’s base oil imports fall in July

  • : Oil products
  • 24/10/01

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'24m-o-m ± %y-o-y ± %Jan-Jun'24y-o-y ± %
South Korea52,939-58.1-33.3693,13539.5
Singapore32,7142.41.9233,66032.4
Saudi Arabia24,22821.530.7137,320-21
UAE20,026-38.4-41.5173,01134.3
Taiwan10,80826,9204.950,459-17.5
Monthly total169,648-40.4-38.11,647,05319.3
Total includes all countries, not just those listed

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