South Korea’s base oils exports to India held close to typical levels in April even as total shipments fell sharply, adding to signs that India remained comparatively well supplied despite tightening availability across Asia.

Total exports to India fell to 92,300 tonnes in April, down from more than 111,000 tonnes in March and just below typical monthly volumes of around 97,000 tonnes in 2025, Korea Customs data showed.

The 3% year-on-year contraction lagged the 15% fall in South Korea’s total exports to a 19-month low, pointing to a sharper pullback in flows to other destinations rather than India.

The steadier flows to India mirrored similar patterns from Singapore and Taiwan, adding to signs of adequate import availability despite regional supply pressures linked to plant maintenance and feedstock constraints.

Key Highlights

·         India accounted for 33% of South Korea’s total April exports, climbing from 29% in March to a 13-month high.

·         South Korea’s exports to the Middle East paused in April for a second month, contrasting with average monthly shipments of close to 26,000 tonnes to the region in 2025.

·         Taiwan exported close to 12,000 tonnes to India in April, in line with typical levels even as its total shipments fell to a 19-month low.

·         Singapore’s April exports to India climbed to a five-month high, holding above typical monthly levels in 2025.

Market Repercussions

Reduced Chinese demand for imported base oils freed up more supplies from Taiwan to move into other outlets such as India.

The continued pause in South Korea’s shipments to the Middle East had the same effect.

Term contracts priced against FOB Asia benchmarks avoided the relative weakness of India’s imported cargo prices, sustaining the feasibility of shipments even as arbitrage margins narrowed.

Steady supply coincided with a slowdown in India's April demand, pointing to a market that remained adequately supplied even as availability tightened elsewhere in Asia.