South Korea’s base oils exports to the Americas held firm in January, mirroring the region’s steadier lube consumption compared with other regions.The 25pc rise in shipments from December outpaced the almost complete halt in South Korea’s exports to Europe, where lube demand was weak..S. Korea’s Jan exports to Europe slump.But the rise in shipments lagged the more-than 70pc increase in South Korea’s exports to India and southeast Asia in January.The prospect of a pick-up in shipments to China in the coming months could similarly cap any rise in additional flows from South Korea to the Americas.South Korea’s base oils exports of more than 72,000t to the Americas in January rose from less than 58,000t the previous month, government data showed..The volume was slightly higher than typical exports of around 68,000 t/month over the past year.Shipments of more than 67,000t to the US in January accounted for more than 90pc of the total.The share had fallen to around 86pc of the total in the second and third quarters of last year as a wave of arbitrage shipments from South Korea moved to Latin America.The share rose back above the 90pc level from the fourth quarter of last year as tighter supplies in Asia-Pacific made the arbitrage harder to work.The arbitrage to Latin America is likely to remain harder to work even after South Korea’s base oils exports rose at the start of this year.South Korea’s additional supplies are instead likely to move to China over the coming months.South Korea’s total exports rose in January ahead of an expected pick-up in China’s base oils demand at the start of the year.Chinese demand was more muted in January. But it showed signs of gathering pace in February.South Korea’s base oils exports to China similarly showed signs of rising in February. Its flows to the Americas by contrast showed signs of slowing..S Korea’s January exports to NE Asia fall
South Korea’s base oils exports to the Americas held firm in January, mirroring the region’s steadier lube consumption compared with other regions.The 25pc rise in shipments from December outpaced the almost complete halt in South Korea’s exports to Europe, where lube demand was weak..S. Korea’s Jan exports to Europe slump.But the rise in shipments lagged the more-than 70pc increase in South Korea’s exports to India and southeast Asia in January.The prospect of a pick-up in shipments to China in the coming months could similarly cap any rise in additional flows from South Korea to the Americas.South Korea’s base oils exports of more than 72,000t to the Americas in January rose from less than 58,000t the previous month, government data showed..The volume was slightly higher than typical exports of around 68,000 t/month over the past year.Shipments of more than 67,000t to the US in January accounted for more than 90pc of the total.The share had fallen to around 86pc of the total in the second and third quarters of last year as a wave of arbitrage shipments from South Korea moved to Latin America.The share rose back above the 90pc level from the fourth quarter of last year as tighter supplies in Asia-Pacific made the arbitrage harder to work.The arbitrage to Latin America is likely to remain harder to work even after South Korea’s base oils exports rose at the start of this year.South Korea’s additional supplies are instead likely to move to China over the coming months.South Korea’s total exports rose in January ahead of an expected pick-up in China’s base oils demand at the start of the year.Chinese demand was more muted in January. But it showed signs of gathering pace in February.South Korea’s base oils exports to China similarly showed signs of rising in February. Its flows to the Americas by contrast showed signs of slowing..S Korea’s January exports to NE Asia fall
