Price for Residues; of Petroleum Oils or of Oils Obtained from Bituminous Minerals in India - 2023

Contents:

1. Price for Residues; of Petroleum Oils or of Oils Obtained from Bituminous Minerals in India (CIF) - 2023
2. Price for Residues; of Petroleum Oils or of Oils Obtained from Bituminous Minerals in India (FOB) - 2022
3. Imports of Residues; of Petroleum Oils or of Oils Obtained from Bituminous Minerals in India
4. Exports of Residues; of Petroleum Oils or of Oils Obtained from Bituminous Minerals in India

Price for Residues; of Petroleum Oils or of Oils Obtained from Bituminous Minerals in India (CIF) - 2023

In July 2023, the average import price for residues; of petroleum oils or of oils obtained from bituminous mineralses amounted to $711 per ton, with a decrease of -10.1% against the previous month. Over the period under review, import price indicated a notable increase from November 2022 to July 2023: its price increased at an average monthly rate of +3.8% over the last eight months. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on July 2023 figures, import price for residues; of petroleum oils or of oils obtained from bituminous mineralses decreased by -26.1% against May 2023 indices. The pace of growth appeared the most rapid in December 2022 an increase of 96% month-to-month. As a result, import price reached the peak level of $1,036 per ton. From January 2023 to July 2023, the average import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In July 2023, the country with the highest price was China ($794 per ton), while the price for the United Arab Emirates stood at $706 per ton.

From November 2022 to July 2023, the most notable rate of growth in terms of prices was attained by Oman (+5.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Price for Residues; of Petroleum Oils or of Oils Obtained from Bituminous Minerals in India (FOB) - 2022

In 2022, the average export price for residues; of petroleum oils or of oils obtained from bituminous mineralses amounted to $637 per ton, picking up by 12% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 an increase of 87% against the previous year. The export price peaked at $845 per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was South Africa ($1,003 per ton), while the average price for exports to Nepal ($598 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Bhutan (+49.8%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Residues; of Petroleum Oils or of Oils Obtained from Bituminous Minerals in India

For the third year in a row, India recorded decline in overseas purchases of residues; of petroleum oils or of oils obtained from bituminous mineralses, which decreased by -87.1% to 55K tons in 2022. Over the period under review, imports continue to indicate a significant contraction. The smallest decline of -29% was in 2020.

In value terms, imports of residues; of petroleum oils or of oils obtained from bituminous mineralses contracted remarkably to $36M in 2022. In general, imports recorded a dramatic setback. The smallest decline of -11.3% was in 2021.

Top Suppliers of Residues; of Petroleum Oils or of Oils Obtained from Bituminous Minerals to India in 2022:

1. Oman (34.8K tons)
2. United Arab Emirates (19.0K tons)
3. United States (0.3K tons)

Exports of Residues; of Petroleum Oils or of Oils Obtained from Bituminous Minerals in India

In 2022, exports of residues; of petroleum oils or of oils obtained from bituminous mineralses from India soared to 240 tons, picking up by 52% compared with the year before. Overall, exports saw a significant expansion. The pace of growth was the most pronounced in 2020 when exports increased by 6,347%. Over the period under review, the exports of reached the maximum in 2022 and are likely to see steady growth in the immediate term.

In value terms, exports of residues; of petroleum oils or of oils obtained from bituminous mineralses skyrocketed to $153K in 2022. In general, exports continue to indicate a significant increase. The growth pace was the most rapid in 2020 when exports increased by 3,915%. Over the period under review, the exports of attained the maximum in 2022 and are likely to see gradual growth in the immediate term.

Top Export Markets for Residues; of Petroleum Oils or of Oils Obtained from Bituminous Minerals from India in 2022:

1. Nepal (213.8 tons)
2. South Africa (20.0 tons)
3. Saudi Arabia (4.8 tons)

Source: IndexBox Market Intelligence Platform