Exports hold close to highest since end-Q2
Rising exports support more regional demand, offset disruptions in other markets
Exports to India and Indonesia rise, offsetting slowdown to China
Singapore’s base oils exports held firm in the four weeks to 10 December as a rebound in shipments to India and southeast Asia offset weaker flows to China.
Total exports held above 175,000 tonnes for a third week, near their highest level since the end of the second quarter, government data showed.
The recent pick-up in shipments helped to meet firm regional demand in markets like India and to move supplies to less regular outlets like the US.
The rise in shipments likely reflects Singapore’s expanded base oils production capacity, enabling higher export volumes.
Shipments to India over the past month reached the highest since late-October.
The rise in flows could reduce India’s need for additional imports from sources like the US, which typically has surplus volumes to clear this time of year.
The shipments could also help to cover for rising demand for alternative supplies during the shutdown of a key base oils unit in the Middle East.
The dynamic highlighted the wider impact of Singapore’s rising supply on global markets.