15 February 2013 03:31 [Source: ICIS news]
SINGAPORE (ICIS)--India’s base oils imports in December fell by 28% to 139,099 tonnes, compared with November imports at 191,867 tonnes, an Indian trader said.
The Indian trader said that the majority of December imports came from South Korea at 71,378 tonnes, citing port data.
The rest of the imports came from Singapore at 21,206 tonnes, the Middle East at 11,353 tonnes, Taiwan at 9,314 tonnes, the Netherlands at 7,062 tonnes, the US at 6,314 tonnes, Malaysia at 4,462 tonnes and other countries.
The majority of the imports were shipped to Mumbai, which saw 104,719 tonnes of base oil cargoes in December.
There were 21,475 tonnes of cargoes shipped to Jawaharlal Nehru Port Trust (JNPT), 7,138 tonnes shipped to Chennai and the rest of the cargoes were shipped to other ports in India, the trader added.
The drop in December imports was a result of weak downstream demand in the finished lubricants sector as well as sufficient inventories, an Indian buyer said.
Of the 139,099 tonnes of base oil cargoes imported in December, the Indian buyer said at least 50% of the cargoes were of light grade Group I and II base oils such as SN70, SN90, 60N, 70N, 100N, 150N and 250N.
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