South Korea’s base oils exports to Europe almost ground to a halt in November, while shipments to the Americas slumped.The fall in supplies pointed to a slump in Group III base oils shipments to both key markets.Exports of less than 100t to the Netherlands and Belgium combined were the lowest in ten months and second-lowest since May 2020, government data showed.Exports slumped that month as Covid-related lockdowns slashed global activity.The Netherlands and Belgium are the main outlets for Group III base oils shipments from South Korea.Base oils exports of 21,700t to the US in November fell from 74,000t the previous month, also to the lowest since May 2020.The slump in shipments coincided with and accounted for most of a sharp fall in South Korea’s total base oils exports in November from the previous month.The trend suggested that most of the drop in total exports consisted of Group III base oils rather than Group II base oils.The fall in Group III base oils shipments to US and Europe followed a sustained slide in Group III base oils prices in both markets relative to other base oils grades and relative to feedstock prices, ICIS data showed.The fall in shipments also coincided with a slowdown in premium-grade base oils exports from Spain in October and November.The slowdown raised the prospect of tighter supplies of Group III base oils with OEM approvals in the European market.The immediate impact on the US market could be more muted as a swathe of shipments that loaded from South Korea in October were set to reach the country in December..S Korea’s Nov base oils exports fall.S Korea’s Nov exports to India stay high
South Korea’s base oils exports to Europe almost ground to a halt in November, while shipments to the Americas slumped.The fall in supplies pointed to a slump in Group III base oils shipments to both key markets.Exports of less than 100t to the Netherlands and Belgium combined were the lowest in ten months and second-lowest since May 2020, government data showed.Exports slumped that month as Covid-related lockdowns slashed global activity.The Netherlands and Belgium are the main outlets for Group III base oils shipments from South Korea.Base oils exports of 21,700t to the US in November fell from 74,000t the previous month, also to the lowest since May 2020.The slump in shipments coincided with and accounted for most of a sharp fall in South Korea’s total base oils exports in November from the previous month.The trend suggested that most of the drop in total exports consisted of Group III base oils rather than Group II base oils.The fall in Group III base oils shipments to US and Europe followed a sustained slide in Group III base oils prices in both markets relative to other base oils grades and relative to feedstock prices, ICIS data showed.The fall in shipments also coincided with a slowdown in premium-grade base oils exports from Spain in October and November.The slowdown raised the prospect of tighter supplies of Group III base oils with OEM approvals in the European market.The immediate impact on the US market could be more muted as a swathe of shipments that loaded from South Korea in October were set to reach the country in December..S Korea’s Nov base oils exports fall.S Korea’s Nov exports to India stay high