India imported 189,854t of base oils in July, down by 29pc on year, but up by 15pc from a near three-year low in June, data from Global Trade Tracker (GTT) show.
- Lower demand during the monsoon season and a wide gap between buyer and seller price expectations kept import levels lower compared with a year earlier.
- A rise in imports from South Korea contributed to the month-on-month increase. Supplies increased because refineries adapted to crude supply disruptions in the Middle East and secured alternative feedstock for production. But some suppliers continued to prioritise higher-priced markets, resulting in fewer cargoes being offered to India compared with the previous year.
- Imports from Saudi Arabia rose by 45pc on the year and remained supported ahead of shipping disruptions by the Yemen-based Houthis' blockade from the end of July.
- Imports from Singapore dropped by 62pc from the previous year because base oil production in the city-state was affected by disruptions to crude supplies from the Middle East.
- Imports from Spain were largely in line with year-earlier levels, while imports from China increased significantly on the year because of weak domestic demand and an open arbitrage window that prompted exports to India.
| India's base oils imports | (t) | ||||
| Jul '26 | m-o-m ± % | y-o-y ± % | Jan-Jul '26 | y-o-y ± % | |
| South Korea | 93,889 | 141.6 | -33.4 | 689,658 | -4.2 |
| Saudi Arabia | 22,356 | 9.5 | 45.4 | 130,822 | 9.8 |
| Singapore | 18,209 | -16.6 | -62.2 | 206,795 | -21.7 |
| US | 11,165 | -25.2 | 291.1 | 66,107 | -15.7 |
| Spain | 9,257 | NA | 2.9 | 62,291 | 29.3 |
| China | 7,467 | -26 | 3,294.1 | 29,563 | 277.8 |
| Total* | 189,854 | 15.3 | -28.5 | 1,616,780 | -3.1 |
| *Total includes all countries, not just those listed | |||||
| Source: GTT | |||||
