South Korea’s base oils exports to India rose to a two-year high in October, tapping the country’s firm demand and a slowdown in arbitrage supplies from the US.Base oils exports of close to 121,000t to India in October rose from less than 70,000t the previous month and by 96pc from year-earlier levels, government data showed.The last time South Korea’s monthly exports to India exceeded the 100,000t level was in February 2022.Exports to India averaged around 66,000 t/month since then.The rise in shipments to India accounted for most of South Korea’s 75,000t rise in total exports in October from the previous month.It coincided with increasingly firm base oils prices for shipments to India, especially for very-light grade base oils.The firm prices contrasted with relatively weaker prices for shipments to China, making India the more attractive outlet.The rise in shipments also coincided with a sustained rise in India’s consumption of Group II and Group III base oils in recent months. .S Korea’s Oct base oils exports rise.South Korea's Oct exports to China rise
South Korea’s base oils exports to India rose to a two-year high in October, tapping the country’s firm demand and a slowdown in arbitrage supplies from the US.Base oils exports of close to 121,000t to India in October rose from less than 70,000t the previous month and by 96pc from year-earlier levels, government data showed.The last time South Korea’s monthly exports to India exceeded the 100,000t level was in February 2022.Exports to India averaged around 66,000 t/month since then.The rise in shipments to India accounted for most of South Korea’s 75,000t rise in total exports in October from the previous month.It coincided with increasingly firm base oils prices for shipments to India, especially for very-light grade base oils.The firm prices contrasted with relatively weaker prices for shipments to China, making India the more attractive outlet.The rise in shipments also coincided with a sustained rise in India’s consumption of Group II and Group III base oils in recent months. .S Korea’s Oct base oils exports rise.South Korea's Oct exports to China rise