Singapore’s base oils exports fell to a twenty-month low in June amid a slide in shipments to China and India.Total exports of 140,500 tonnes in June fell from 187,100 tonnes in May, government data showed.The volume was the lowest since late-2022.Exports to China fell to a nine-month low of 21,300 tonnes, from more than 43,000 tonnes in May.Shipments to India fell to a five-month low of 26,400 tonnes, from more than 44,000 tonnes in May.The fall in exports followed a narrowing of the gap between FOB Asia prices and prices in those destination markets in April and May.The narrower price gap pointed to weaker demand for overseas supplies and cut the feasibility of moving more arbitrage shipments to those markets.The slowdown in shipments from Singapore in June mirrored a similar trend among other key exporters in the Asia-Pacific market.The slowdown in flows from the region in turn gave buyers in India especially the opportunity to work down some of the large stocks that had built up during the previous two months.Lower supply from producers and any such drawdown in buyers’ stocks would leave the region’s fundamentals better balanced heading into the third quarter of the year, when demand faced a seasonal slowdown.Singapore’s base oils exports to southeast Asia also fell in June, but less sharply.The more muted slowdown pointed to steadier demand in that region, as well as its ongoing reliance on supplies from other markets to cover its requirements..Taiwan’s June base oils exports fall.S Korea’s June base oils exports fall
Singapore’s base oils exports fell to a twenty-month low in June amid a slide in shipments to China and India.Total exports of 140,500 tonnes in June fell from 187,100 tonnes in May, government data showed.The volume was the lowest since late-2022.Exports to China fell to a nine-month low of 21,300 tonnes, from more than 43,000 tonnes in May.Shipments to India fell to a five-month low of 26,400 tonnes, from more than 44,000 tonnes in May.The fall in exports followed a narrowing of the gap between FOB Asia prices and prices in those destination markets in April and May.The narrower price gap pointed to weaker demand for overseas supplies and cut the feasibility of moving more arbitrage shipments to those markets.The slowdown in shipments from Singapore in June mirrored a similar trend among other key exporters in the Asia-Pacific market.The slowdown in flows from the region in turn gave buyers in India especially the opportunity to work down some of the large stocks that had built up during the previous two months.Lower supply from producers and any such drawdown in buyers’ stocks would leave the region’s fundamentals better balanced heading into the third quarter of the year, when demand faced a seasonal slowdown.Singapore’s base oils exports to southeast Asia also fell in June, but less sharply.The more muted slowdown pointed to steadier demand in that region, as well as its ongoing reliance on supplies from other markets to cover its requirements..Taiwan’s June base oils exports fall.S Korea’s June base oils exports fall
