Imports fall on dip in shipments from US
Rise in imports from South Korea, Qatar cushion slowdown
Imports from US show signs of rebounding in November
Brazil’s base oils imports slid in October for the second time in three months amid a dip in shipments from the US.
The drop in imports would have been even larger but for an unusually large rise in shipments from other sources like South Korea and Qatar.
The drop in imports could squeeze Brazil’s base oils supply at a time when stocks were already balanced-to-low.
The lower shipment volumes could also compound the impact of unexpected production issues at a key base oils unit in Brazil.
Total imports of less than 45,000 tonnes in October fell from close to 67,000 tonnes the previous month, government data showed.
The volume was down from typical levels of close to 60,000 tonnes/month during the previous six months to September.
The US accounted for close to 75% of Brazil’s base oils imports in the year to September. That share fell to less than 60% in October.
Imports from the US are likely to recover in November amid signs of a strong pick-up in US shipments to the South American country in October.
