South Korea’s base oils exports to the Americas rose to a three-month high in August amid firmer US Group III prices and signs of more arbitrage flows to Latin America.Base oils exports of 59,700t to the US in August rose from less than 47,000t the previous month to the highest since May, government data showed.Exports to the US rose for the first time in four months from year-earlier levels and outpaced typical volumes of less than 55,000 t/month over the past year.The rise in exports coincided with increasingly firm US Group III prices relative to prices in other regions, especially Europe, ICIS data showed.Base oils exports of more than 5,900t to Latin America in August rose from around 5,100t in July to a four-month high.The volume was down from more than 15,600t in August 2022, when a wide-open arbitrage triggered a swathe of shipments from Asia to Latin America.The arbitrage remained feasible for Group I and Group II heavy grades this year, but less so for light grades..S Korea’s August base oils exports rise
South Korea’s base oils exports to the Americas rose to a three-month high in August amid firmer US Group III prices and signs of more arbitrage flows to Latin America.Base oils exports of 59,700t to the US in August rose from less than 47,000t the previous month to the highest since May, government data showed.Exports to the US rose for the first time in four months from year-earlier levels and outpaced typical volumes of less than 55,000 t/month over the past year.The rise in exports coincided with increasingly firm US Group III prices relative to prices in other regions, especially Europe, ICIS data showed.Base oils exports of more than 5,900t to Latin America in August rose from around 5,100t in July to a four-month high.The volume was down from more than 15,600t in August 2022, when a wide-open arbitrage triggered a swathe of shipments from Asia to Latin America.The arbitrage remained feasible for Group I and Group II heavy grades this year, but less so for light grades..S Korea’s August base oils exports rise