South Korea’s base oils exports fell to a three-month low in February, when some refiners trimmed run rates or prepared for upcoming maintenance work.The drop in supplies coincided with a slump in Taiwan’s base oils exports in February and signs of a slowdown in shipments from Singapore.Lower exports preceded a typical seasonal rise in Asia’s lube consumption in the month of March.Asia’s base oils prices held firm relative to gasoil and relative to other regions in recent weeks, ICIS data showed.The firm prices mirrored the region’s snug supply-demand fundamentals.South Korea’s base oils exports of 358,000t in February fell from 381,000t the previous month, government data showed.The country’s exports averaged close to 350,000 t/month in 2023.Lower exports in February coincided with a South Korean refiner’s move to cut its base oils production rates in the second half of the month.Another refiner was readying for a major plant shutdown from mid-March for scheduled maintenance work lasting more than 40 days.South Korea’s base oils exports to China held steady at 50,000t in February even with the drop in total shipments.Combined with Taiwan and Singapore, total exports to China fell to less than 100,000t in February, provisional government data showed.The volume fell from around 130,000t in each of the previous two months and from more than 170,000t in February 2023.The lower volumes curbed the prospect of a build-up of surplus supplies in China.They also suggested the country’s demand for overseas supplies remained muted..Taiwan’s Feb base oils exports fall
South Korea’s base oils exports fell to a three-month low in February, when some refiners trimmed run rates or prepared for upcoming maintenance work.The drop in supplies coincided with a slump in Taiwan’s base oils exports in February and signs of a slowdown in shipments from Singapore.Lower exports preceded a typical seasonal rise in Asia’s lube consumption in the month of March.Asia’s base oils prices held firm relative to gasoil and relative to other regions in recent weeks, ICIS data showed.The firm prices mirrored the region’s snug supply-demand fundamentals.South Korea’s base oils exports of 358,000t in February fell from 381,000t the previous month, government data showed.The country’s exports averaged close to 350,000 t/month in 2023.Lower exports in February coincided with a South Korean refiner’s move to cut its base oils production rates in the second half of the month.Another refiner was readying for a major plant shutdown from mid-March for scheduled maintenance work lasting more than 40 days.South Korea’s base oils exports to China held steady at 50,000t in February even with the drop in total shipments.Combined with Taiwan and Singapore, total exports to China fell to less than 100,000t in February, provisional government data showed.The volume fell from around 130,000t in each of the previous two months and from more than 170,000t in February 2023.The lower volumes curbed the prospect of a build-up of surplus supplies in China.They also suggested the country’s demand for overseas supplies remained muted..Taiwan’s Feb base oils exports fall