South Korea’s base oils exports to India rose in April to their second-highest level in more than two years.The rise in exports raised the prospect of extending a sharp pick-up in India's base oils imports from the start of the second quarter of the year.Base oils exports of 105,200 tonnes to India in April rose from an already-high 95,900 tonnes the previous month, government data showed.Exports to India averaged less than 73,000 tonnes/month in 2023.The higher volumes from South Korea in April coincided with signs of a pick-up in shipments to India from other regional sources like Singapore and Taiwan.India’s imports in May were set to get a further boost from the arrival of a swathe of arbitrage shipments from the US.A rise in shipments from the US to India helped to clear an overhang of surplus supplies from that market in the first quarter of the year.The rise in shipments from Taiwan to India coincided with a closed arbitrage to China.The closed arbitrage to China also likely freed up additional shipments from South Korea to move to India.The rise in shipments contrasted with a fall in South Korea’s total base oils exports in April to a five-month low.The drop in total exports coincided with the shutdown of a major Group III base oils unit in the northeast Asian country throughout most of the month of April.The rise in shipments to India suggested that the plant shutdown in South Korea had a larger impact on supplies bound for other markets like the US than it did on India.It also pointed to more plentiful availability of Group II base oils despite the plant shutdown.South Korea’s base oils exports to the UAE fell back to 19,600 tonnes in April, from more than 33,500 tonnes in each of the previous two months.The drop in shipments coincided with signs of increasingly plentiful supplies in the UAE and a less attractive arbitrage to the region in response.Even so, the April volume from South Korea remained well above its typical exports of around 14,000 tonnes/month to the UAE in 2023..S Korea’s April base oils exports fall.S Korea’s April exports to Americas fall
South Korea’s base oils exports to India rose in April to their second-highest level in more than two years.The rise in exports raised the prospect of extending a sharp pick-up in India's base oils imports from the start of the second quarter of the year.Base oils exports of 105,200 tonnes to India in April rose from an already-high 95,900 tonnes the previous month, government data showed.Exports to India averaged less than 73,000 tonnes/month in 2023.The higher volumes from South Korea in April coincided with signs of a pick-up in shipments to India from other regional sources like Singapore and Taiwan.India’s imports in May were set to get a further boost from the arrival of a swathe of arbitrage shipments from the US.A rise in shipments from the US to India helped to clear an overhang of surplus supplies from that market in the first quarter of the year.The rise in shipments from Taiwan to India coincided with a closed arbitrage to China.The closed arbitrage to China also likely freed up additional shipments from South Korea to move to India.The rise in shipments contrasted with a fall in South Korea’s total base oils exports in April to a five-month low.The drop in total exports coincided with the shutdown of a major Group III base oils unit in the northeast Asian country throughout most of the month of April.The rise in shipments to India suggested that the plant shutdown in South Korea had a larger impact on supplies bound for other markets like the US than it did on India.It also pointed to more plentiful availability of Group II base oils despite the plant shutdown.South Korea’s base oils exports to the UAE fell back to 19,600 tonnes in April, from more than 33,500 tonnes in each of the previous two months.The drop in shipments coincided with signs of increasingly plentiful supplies in the UAE and a less attractive arbitrage to the region in response.Even so, the April volume from South Korea remained well above its typical exports of around 14,000 tonnes/month to the UAE in 2023..S Korea’s April base oils exports fall.S Korea’s April exports to Americas fall