Pakistan’s base oils imports fell to a thirteen-month low in September amid a dip in shipments from South Korea.The slowdown in imports likely reflected a combination of more muted domestic demand, as well as tighter supply in South Korea.Demand showed signs of improving at the start of the fourth quarter of the year, while supply from South Korea likely remained tight.Pakistan’s total base oils imports of close to 16,000 tonnes in September fell from more than 20,000 tonnes in each of the previous three months, provisional customs data showed.Imports also fell by 13% from year-earlier levels, after rising strongly in each of the previous three months.Lower imports followed a drop in the country’s lube consumption in September for a second month.Lube demand fell as a slump in industrial oils consumption outweighed rising automobile lube demand.Weaker lube demand coincided with a fall in Pakistan’s large scale manufacturing industries growth in August for the second time in three months.The country’s business and consumer confidence also fell during the third quarter from the previous three months, according to State Bank of PakistanBut business and consumer confidence then recovered strongly in October.The more positive sentiment followed a drop in Pakistan’s inflation in September to the lowest since early 2021.Lower inflation gave the country’s central bank room to cut interest rates four times since June, including the beginning of this month.The country’s automobile sales also extended their recovery in September.Even the drop in Pakistan’s base oils imports in September was mixed.Imports of Group II heavy-grade base oils held relatively steady in September from the previous month and from year-earlier levels.Steady shipments boosted their share of Pakistan’s imports to more than 64% of the total.The share was the second highest this year and up from a 50% share in 2023.The heavy-grade imports got a boost from a sustained wave of shipments from the US that extended into September.The fall in Pakistan’s base oils imports from South Korea also contrasted with a rise in shipments from Singapore.The drop in supplies from South Korea in September coincided with the shutdown of a key Group II base oils unit in the country that month for scheduled maintenance work.The maintenance work was completed at end-October..South Korea’s Sept base oils exports fall.US’ August base oils exports rise.India’s September base oils imports rise
Pakistan’s base oils imports fell to a thirteen-month low in September amid a dip in shipments from South Korea.The slowdown in imports likely reflected a combination of more muted domestic demand, as well as tighter supply in South Korea.Demand showed signs of improving at the start of the fourth quarter of the year, while supply from South Korea likely remained tight.Pakistan’s total base oils imports of close to 16,000 tonnes in September fell from more than 20,000 tonnes in each of the previous three months, provisional customs data showed.Imports also fell by 13% from year-earlier levels, after rising strongly in each of the previous three months.Lower imports followed a drop in the country’s lube consumption in September for a second month.Lube demand fell as a slump in industrial oils consumption outweighed rising automobile lube demand.Weaker lube demand coincided with a fall in Pakistan’s large scale manufacturing industries growth in August for the second time in three months.The country’s business and consumer confidence also fell during the third quarter from the previous three months, according to State Bank of PakistanBut business and consumer confidence then recovered strongly in October.The more positive sentiment followed a drop in Pakistan’s inflation in September to the lowest since early 2021.Lower inflation gave the country’s central bank room to cut interest rates four times since June, including the beginning of this month.The country’s automobile sales also extended their recovery in September.Even the drop in Pakistan’s base oils imports in September was mixed.Imports of Group II heavy-grade base oils held relatively steady in September from the previous month and from year-earlier levels.Steady shipments boosted their share of Pakistan’s imports to more than 64% of the total.The share was the second highest this year and up from a 50% share in 2023.The heavy-grade imports got a boost from a sustained wave of shipments from the US that extended into September.The fall in Pakistan’s base oils imports from South Korea also contrasted with a rise in shipments from Singapore.The drop in supplies from South Korea in September coincided with the shutdown of a key Group II base oils unit in the country that month for scheduled maintenance work.The maintenance work was completed at end-October..South Korea’s Sept base oils exports fall.US’ August base oils exports rise.India’s September base oils imports rise
