India’s Group II base oils imports fell in October as shipments of heavy grades slid to a seventeen-month low.The drop in Group II heavy-grade imports partly reflected signs of tighter supply.A pick-up in imports of Group I heavy neutrals suggested that the steep price premium of Group II heavy grades was another factor behind the drop in supplies.India’s total Group II light- and heavy-grade base oils imports of more than 80,000 tonnes in October fell from close to 100,000 tonnes the previous month, provisional customs data showed.The volume was the lowest since May 2023. The slowdown mostly reflected a fall in shipments from South Korea to around 30,000 tonnes in October, from more than 45,000 tonnes the previous month.The drop in shipments coincided with the shutdown of a key Group II base oils unit in South Korea for scheduled maintenance work.India’s imports of Group II light grades held relatively firm at more than 46,000 tonnes.The volume fell from more than 52,000 tonnes in September but was still the second highest in five months.Imports of Group II heavy grades extended their fall to close to 30,000 tonnes in October, from an already-low volume of less than 40,000 tonnes the previous month.Before September, India’s Group II heavy-grade imports had averaged close to 50,000 tonnes/month over the previous year.The tighter supply in October coincided with a recovery in India's Group II heavy-grade cargo prices.The price differential for imported Group II N500 over FOB NE Asia prices flipped back to a premium in early October. The premium then widened during the month to its highest level since May.But the premium remained well below typical levels of around $50/tonne in the six months to May.The lower premium could reflect sufficient availability of heavy-grade supplies in India as buyers secured more Group I supplies instead.The ready availability and competitive prices for the supplies boosted the attraction of using Group I base oils instead.The price for supplies from Iraq was at even lower levels, adding to their attraction and to a surge in shipments from that market in October.The trend cut the Group II share of India’s combined Group I and Group II heavy-grade imports in October to a seven-month low of less than 75% of the total..India’s October base oils imports mixed.S Korea’s Sept base oils output falls.South Korea’s Sept base oils exports fall
India’s Group II base oils imports fell in October as shipments of heavy grades slid to a seventeen-month low.The drop in Group II heavy-grade imports partly reflected signs of tighter supply.A pick-up in imports of Group I heavy neutrals suggested that the steep price premium of Group II heavy grades was another factor behind the drop in supplies.India’s total Group II light- and heavy-grade base oils imports of more than 80,000 tonnes in October fell from close to 100,000 tonnes the previous month, provisional customs data showed.The volume was the lowest since May 2023. The slowdown mostly reflected a fall in shipments from South Korea to around 30,000 tonnes in October, from more than 45,000 tonnes the previous month.The drop in shipments coincided with the shutdown of a key Group II base oils unit in South Korea for scheduled maintenance work.India’s imports of Group II light grades held relatively firm at more than 46,000 tonnes.The volume fell from more than 52,000 tonnes in September but was still the second highest in five months.Imports of Group II heavy grades extended their fall to close to 30,000 tonnes in October, from an already-low volume of less than 40,000 tonnes the previous month.Before September, India’s Group II heavy-grade imports had averaged close to 50,000 tonnes/month over the previous year.The tighter supply in October coincided with a recovery in India's Group II heavy-grade cargo prices.The price differential for imported Group II N500 over FOB NE Asia prices flipped back to a premium in early October. The premium then widened during the month to its highest level since May.But the premium remained well below typical levels of around $50/tonne in the six months to May.The lower premium could reflect sufficient availability of heavy-grade supplies in India as buyers secured more Group I supplies instead.The ready availability and competitive prices for the supplies boosted the attraction of using Group I base oils instead.The price for supplies from Iraq was at even lower levels, adding to their attraction and to a surge in shipments from that market in October.The trend cut the Group II share of India’s combined Group I and Group II heavy-grade imports in October to a seven-month low of less than 75% of the total..India’s October base oils imports mixed.S Korea’s Sept base oils output falls.South Korea’s Sept base oils exports fall
