India’s lube demand rose in October for the sixth time in seven months, speeding up consumption of blenders’ base oils supplies and their need to replenish stocks.Blenders’ moves to maintain healthy base oils inventory levels could be more complicated at the start of the fourth quarter amid signs of a slowdown in base oils imports.India’s lube consumption of 353,000 tonnes in October rose by 10% and for the third straight month from year-earlier levels, government data showed.The sustained rise in consumption lifted the country’s total demand to 3.75 million tonnes in the first ten months of the year, up more than 290,000 tonnes or 9% from year-earlier levels.Lube demand rose in October at a time of year when consumption usually gets a boost from a raft of major festivals in the country following the end of the monsoon season.A surge in India’s car sales reflected that dynamic.Automobile sales rose in October at their fastest pace in two years as sales promotions and the introduction of new models boosted consumer spending.Sales of two-wheelers rose even faster than passenger vehicles, with favorable monsoon rains and expectations of good crop yields further bolstering buyer sentiment in the rural market.India’s rising lube demand sustained firm requirements for base oils supplies.These supplies likely struggled to keep pace with demand amid signs of a slowdown in the country’s base oils imports in October.Imports likely dipped as plant-maintenance work in South Korea cut exports from that country from the end of the third quarter of the year.South Korea is India’s largest overseas source of base oils supplies.India’s base oils supply, or output and imports combined, already struggled to keep pace with the country’s rising lube demand in the first three quarters of the year.The 1% rise in supply in the first nine months of the year lagged the 8% rise in lube demand during the same period.India’s firm imported base oils cargo prices pointed to ongoing requirements for additional supplies.The premium of CFR India Group II heavy-grade base oils over FOB Asia prices strengthened in October to the highest in five months.Imported cargo prices flipped from a steep discount to US export prices at the beginning of September to a growing premium to US export prices from second-half October.The firmer prices boosted the feasibility and attraction of moving more shipments to India..India’s Sept base oils supply shortfall narrows.India’s September base oils imports rise.Asia lube demand likely to improve in Q1
India’s lube demand rose in October for the sixth time in seven months, speeding up consumption of blenders’ base oils supplies and their need to replenish stocks.Blenders’ moves to maintain healthy base oils inventory levels could be more complicated at the start of the fourth quarter amid signs of a slowdown in base oils imports.India’s lube consumption of 353,000 tonnes in October rose by 10% and for the third straight month from year-earlier levels, government data showed.The sustained rise in consumption lifted the country’s total demand to 3.75 million tonnes in the first ten months of the year, up more than 290,000 tonnes or 9% from year-earlier levels.Lube demand rose in October at a time of year when consumption usually gets a boost from a raft of major festivals in the country following the end of the monsoon season.A surge in India’s car sales reflected that dynamic.Automobile sales rose in October at their fastest pace in two years as sales promotions and the introduction of new models boosted consumer spending.Sales of two-wheelers rose even faster than passenger vehicles, with favorable monsoon rains and expectations of good crop yields further bolstering buyer sentiment in the rural market.India’s rising lube demand sustained firm requirements for base oils supplies.These supplies likely struggled to keep pace with demand amid signs of a slowdown in the country’s base oils imports in October.Imports likely dipped as plant-maintenance work in South Korea cut exports from that country from the end of the third quarter of the year.South Korea is India’s largest overseas source of base oils supplies.India’s base oils supply, or output and imports combined, already struggled to keep pace with the country’s rising lube demand in the first three quarters of the year.The 1% rise in supply in the first nine months of the year lagged the 8% rise in lube demand during the same period.India’s firm imported base oils cargo prices pointed to ongoing requirements for additional supplies.The premium of CFR India Group II heavy-grade base oils over FOB Asia prices strengthened in October to the highest in five months.Imported cargo prices flipped from a steep discount to US export prices at the beginning of September to a growing premium to US export prices from second-half October.The firmer prices boosted the feasibility and attraction of moving more shipments to India..India’s Sept base oils supply shortfall narrows.India’s September base oils imports rise.Asia lube demand likely to improve in Q1
