Taiwan’s base oils exports rose in October, with a jump in shipments to markets like Indonesia and Pakistan contrasting with a further drop in flows to China.The shipment of growing volumes to other countries in Asia added to competition for market share in those outlets.The shrinking volume of supplies bound for China coincided with rising domestic base oils output in that country.Taiwan’s total base oils exports of 37,500 tonnes in October rose from less than 27,000 tonnes in September, government data showed.The September volume was the lowest in seven months.The October volume would likely have been even higher but for weather-related delays to the loading of some shipments at the end of the month.The delayed shipments are instead likely to give an additional boost to export volumes in November.Exports of less than 7,500 tonnes to China were the lowest in eleven months and accounted for less than 20% of Taiwan’s total shipments in October.Outside periods of plant maintenance work, the share was the lowest in more than two years.Before 2022, China was the largest market for Taiwan’s base oils exports.The steep fall in shipments to China in October coincided with a rise in China’s domestic Group II base oils output that month to its highest level since end-2021.The rise in output cut requirements for supplies from sources like Taiwan.More plentiful domestic supplies in turn magnified the impact of the removal of tariff concessions on base oils imports from Taiwan in June.Taiwan instead boosted shipments to southeast Asia especially.Total exports of close to 17,000 tonnes to the region in October were only the fourth highest this year.But exports had never exceeded the 16,000 tonnes/month level before this year.The rise in shipments to countries like Indonesia and Singapore added to competition for market share in those outlets.The shipment of a large cargo to Pakistan in October raised the prospect of extending that competition to other markets.The markets are all key outlets for premium-grade base oils from Singapore and South Korea.China’s growing self-sufficiency for premium-grade base oils increased the importance of those other markets, which are reliant on overseas supplies to cover their premium-grade requirements..China’s October base oils output rises.Taiwan’s Sept base oils exports fall
Taiwan’s base oils exports rose in October, with a jump in shipments to markets like Indonesia and Pakistan contrasting with a further drop in flows to China.The shipment of growing volumes to other countries in Asia added to competition for market share in those outlets.The shrinking volume of supplies bound for China coincided with rising domestic base oils output in that country.Taiwan’s total base oils exports of 37,500 tonnes in October rose from less than 27,000 tonnes in September, government data showed.The September volume was the lowest in seven months.The October volume would likely have been even higher but for weather-related delays to the loading of some shipments at the end of the month.The delayed shipments are instead likely to give an additional boost to export volumes in November.Exports of less than 7,500 tonnes to China were the lowest in eleven months and accounted for less than 20% of Taiwan’s total shipments in October.Outside periods of plant maintenance work, the share was the lowest in more than two years.Before 2022, China was the largest market for Taiwan’s base oils exports.The steep fall in shipments to China in October coincided with a rise in China’s domestic Group II base oils output that month to its highest level since end-2021.The rise in output cut requirements for supplies from sources like Taiwan.More plentiful domestic supplies in turn magnified the impact of the removal of tariff concessions on base oils imports from Taiwan in June.Taiwan instead boosted shipments to southeast Asia especially.Total exports of close to 17,000 tonnes to the region in October were only the fourth highest this year.But exports had never exceeded the 16,000 tonnes/month level before this year.The rise in shipments to countries like Indonesia and Singapore added to competition for market share in those outlets.The shipment of a large cargo to Pakistan in October raised the prospect of extending that competition to other markets.The markets are all key outlets for premium-grade base oils from Singapore and South Korea.China’s growing self-sufficiency for premium-grade base oils increased the importance of those other markets, which are reliant on overseas supplies to cover their premium-grade requirements..China’s October base oils output rises.Taiwan’s Sept base oils exports fall
