Spore Oct base oil imports hold steady

Singapore’s base oils imports were steady in October as a rise in supplies from Italy and US balanced out a fall in shipments from South Korea and Taiwan.

Total imports of 63,700t in October edged down from 65,000t the previous month, government data showed.

The volume was similar to average levels of around 65,000 t/month over the past year.

Th composition of the supplies was different from during that period.

Imports of more than 12,000t from Italy in October were the first shipments from that market since the second quarter of 2021.

Imports of more than 9,000t from the US in October were the highest since the second quarter of 2021.

Imports from the US had already started to rise strongly during the previous two months. The trend contrasted with much smaller volumes earlier this year and in 2022.

Imports of close to 12,000t from China in October were also unusually high.

Imports from Japan held firm at more than 21,000t, even after the closure of a Group I plant in the country in October.