Asia-Pacific base oils exports fell in June to a 10-month low amid a slump in shipments from northeast Asia.Total base oils exports of 625,440t in June fell from more than 710,000t the previous month to the lowest since last August, government data showed..The drop in shipments cut total exports from the region to 4.11mn t in the first half of the year. The volume was down 3pc from 4.24mn t during the same period last year. It was only slightly higher than export levels during the same period in 2020.The fall in shipments reflected a slump in supplies from northeast Asia. These fell to a 25-month low of 403,820t.Exports fell amid of a sharp drop in shipments from South Korea. A dip in supplies from Japan to a three-month low compounded the fall..South Korea's June base oils exports slump.A pick-up in supplies from southeast Asia to a nine-month high cushioned but was insufficient to reverse the fall in shipments.Exports of 221,620t from the region recovered from a nine-month low of 188,410t in May.The fall in exports from Asia-Pacific in June coincided with a sharp drop in shipments from the US.Base oils prices in Asia-Pacific and in other regions were relatively steady, even with the fall in supply.The lack of price reaction partly reflected weakening crude and diesel prices in June. The lower prices supported firmer base oils values relative to crude and diesel.The muted price response also reflected the ongoing weakness of Chinese demand in the Asia-Pacific market and lube blenders’ more cautious procurement activity in Europe.Conversely, a continuation of that demand weakness combined with a recovery in supply and lower crude prices have triggered a sharp drop in Asia-Pacific base oils prices in recent weeks..Asia’s May base oil exports rise
Asia-Pacific base oils exports fell in June to a 10-month low amid a slump in shipments from northeast Asia.Total base oils exports of 625,440t in June fell from more than 710,000t the previous month to the lowest since last August, government data showed..The drop in shipments cut total exports from the region to 4.11mn t in the first half of the year. The volume was down 3pc from 4.24mn t during the same period last year. It was only slightly higher than export levels during the same period in 2020.The fall in shipments reflected a slump in supplies from northeast Asia. These fell to a 25-month low of 403,820t.Exports fell amid of a sharp drop in shipments from South Korea. A dip in supplies from Japan to a three-month low compounded the fall..South Korea's June base oils exports slump.A pick-up in supplies from southeast Asia to a nine-month high cushioned but was insufficient to reverse the fall in shipments.Exports of 221,620t from the region recovered from a nine-month low of 188,410t in May.The fall in exports from Asia-Pacific in June coincided with a sharp drop in shipments from the US.Base oils prices in Asia-Pacific and in other regions were relatively steady, even with the fall in supply.The lack of price reaction partly reflected weakening crude and diesel prices in June. The lower prices supported firmer base oils values relative to crude and diesel.The muted price response also reflected the ongoing weakness of Chinese demand in the Asia-Pacific market and lube blenders’ more cautious procurement activity in Europe.Conversely, a continuation of that demand weakness combined with a recovery in supply and lower crude prices have triggered a sharp drop in Asia-Pacific base oils prices in recent weeks..Asia’s May base oil exports rise
