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India’s base oil imports jump in January-June
India's base oil imports rose by 68pc on the year to 284,607t in June, bringing imports for January-June to 1.48mn t, an increase of 34pc from a year earlier.
- Imports in June were down by 21pc from May but remained the second-highest monthly imports for the year.
- High import arrivals in June reflected active replenishment of cargoes in the second quarter of the year. Demand in India is typically supported before the monsoon season between June to September.
- Imports from the US and Singapore saw the biggest jump on the year by more than four-fold and three-fold respectively.
- Weaker demand and ample supply of imported and domestic volumes of most grades pressured import discussions in June. Import prices largely fell throughout June, and into July and August.
- Argus-assessed Group II N150 cfr India prices averaged at $887.50/t and N500 cfr India prices averaged at $982.50/t in June, both down by around 4.7pc from a month earlier.
| India base oils imports | (t) | ||||
| Jun'24 | m-o-m ± % | y-o-y ± % | Jan-Jun'24 | y-o-y ± % | |
| South Korea | 126,481 | -18.7 | 72.2 | 640,196 | 53.3 |
| UAE | 32,511 | 29.3 | 169.5 | 152,985 | 61.8 |
| Singapore | 31,949 | -42.7 | 286.2 | 200,946 | 39.2 |
| US | 28,378 | 26.5 | 323.9 | 97,728 | 55.3 |
| Saudi Arabia | 19,933 | -9.1 | 9.3 | 113,092 | -27.1 |
| Monthly total | 284,607 | -20.9 | 68.2 | 1,477,405 | 33.5 |
| Source: GTT | |||||
| Total includes all countries, not just those listed | |||||
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