Elevated competitors from China, South Korea! India’s diesel exports to Asia droop 63% – Instances of India

India’s diesel exports hit by China, South Korea, India’s diesel exports to asia noticed a major decline of 63% in March in comparison with the earlier month. This drop was due to powerful competitors from Chinese language and South Korean suppliers, which affected revenue margins. Indian refiners shipped 61,000 barrels per day (bpd) of diesel to Asian markets in March, a pointy lower from 163,000 bpd in February.
Alternatively, diesel exports to Europe elevated by 6.5% to 214,000 bpd. No diesel was exported to the US throughout this era.
Ample diesel shares in Asia, significantly pushed by strong exports from South Korea and China, have diminished export margins to the area. Moreover, the rise in scheduled or unscheduled refinery upkeep in Europe has spurred an uptick in import demand, Serena Huang, an analyst at Vortex was quoted as saying by ET.
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India’s diesel export volumes to Asia fluctuate based mostly on revenue margins, starting from 11,000 bpd in April 2023 to 189,000 bpd in August. The typical month-to-month diesel shipments to Asia in 2023-24 stood at 92,000 bpd.
In distinction, diesel provides to Europe remained extra secure, averaging 222,000 bpd throughout the identical interval. The disruptions in world transport routes because of the Crimson Sea tensions impacted India’s refined product exports.
In January, volumes dropped sharply to 56,000 bpd following Houthi assaults within the Crimson Sea, forcing ships to bypass the Suez Canal and go for the longer route by way of the Cape of Good Hope. Nonetheless, exports rapidly rebounded in February.
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In January, shipments meant for Europe had been diverted to Asia, leading to a lower in provides to Europe and a rise in volumes to Asia. Refined product provides to Europe decreased to 141,000 bpd in January, whereas volumes to Asia elevated to 382 bpd.
General, India’s refined product exports to Asia dropped by 15% to 332,000 bpd in March, whereas exports to Europe fell by 4.5% to 319,000 bpd.