South Korea’s base oils exports to Europe fell in October close to their lowest in five years amid signs of a slowdown in arbitrage shipments.The drop in supplies followed a surge in South Korea’s total exports the previous month, and in its shipments to Europe in August and September.It also coincided with lower base oils production levels in South Korea in August and September.The fall in shipments and arbitrage cargoes in October pointed to more balanced supplies following the removal of surplus shipments during the previous months.Base oils exports of 9,580t to Europe in October fell from more than 35,000t in September, government data showed. The volume was the lowest this year and the second lowest since 2017..The drop in shipments cut total exports to Europe to 199,690t in the first 10 months of the year. The volume was down 27pc from 272,880t during the same period last year.South Korea’s exports of Group III base oils to Europe slowed throughout the year amid more plentiful supply within the region..Europe's Aug Group III base oils supply rises.Exports of 143,380t to Belgium and Netherlands combined in the first ten months of the year fell by 29pc from 202,030t during the same period last year. The two countries are the main destinations for Group III supplies from South Korea.The slowdown in exports to the two countries gathered pace in October, with shipments falling to a 26-month low of 8,230t.The drop in supplies coincided with a steady widening of the premium of US Group III prices over European prices throughout the third quarter of the year. The premium widened even more in October. The trend incentivized producers to ship more supplies to the US.Base oils exports to other outlets in Europe like France and Germany fell in October to an eight-month low of 1,340t. The volume fell from more than 9,500t in August and in September.The fall in supplies likely reflected waning urgency to clear surplus volumes. It also coincided with lower European Group II prices and signs of weaker demand in the region. The trend added to the risk of moving more arbitrage shipments to Europe..S Korea Sept exports to Europe rise
South Korea’s base oils exports to Europe fell in October close to their lowest in five years amid signs of a slowdown in arbitrage shipments.The drop in supplies followed a surge in South Korea’s total exports the previous month, and in its shipments to Europe in August and September.It also coincided with lower base oils production levels in South Korea in August and September.The fall in shipments and arbitrage cargoes in October pointed to more balanced supplies following the removal of surplus shipments during the previous months.Base oils exports of 9,580t to Europe in October fell from more than 35,000t in September, government data showed. The volume was the lowest this year and the second lowest since 2017..The drop in shipments cut total exports to Europe to 199,690t in the first 10 months of the year. The volume was down 27pc from 272,880t during the same period last year.South Korea’s exports of Group III base oils to Europe slowed throughout the year amid more plentiful supply within the region..Europe's Aug Group III base oils supply rises.Exports of 143,380t to Belgium and Netherlands combined in the first ten months of the year fell by 29pc from 202,030t during the same period last year. The two countries are the main destinations for Group III supplies from South Korea.The slowdown in exports to the two countries gathered pace in October, with shipments falling to a 26-month low of 8,230t.The drop in supplies coincided with a steady widening of the premium of US Group III prices over European prices throughout the third quarter of the year. The premium widened even more in October. The trend incentivized producers to ship more supplies to the US.Base oils exports to other outlets in Europe like France and Germany fell in October to an eight-month low of 1,340t. The volume fell from more than 9,500t in August and in September.The fall in supplies likely reflected waning urgency to clear surplus volumes. It also coincided with lower European Group II prices and signs of weaker demand in the region. The trend added to the risk of moving more arbitrage shipments to Europe..S Korea Sept exports to Europe rise
