South Korea’s base oils exports to the US stayed low in March for a second month as plentiful supply and falling prices in that market cut the attraction of lining up more trans-Pacific shipments.Base oils exports to Europe by contrast extended their rise in March following a dip in that region’s Group III base oils supply at the start of the year.Most of South Korea's base oils exports to US and Europe consist of Group III base oils.Its base oils exports of 34,260 tonnes to the US in March edged up from 30,100 tonnes the previous month but still fell by 39% from year-earlier levels, government data showed.The year-on-year drop in exports for a third month cut total shipments to the US to less than 117,000 tonnes in the first quarter of the year.The volume fell by 33% from year-earlier levels to the lowest since the first quarter of 2021.The contraction reflected a prolonged slowdown in US base oils imports, which fell in February for a tenth month in a row.The rising share of US base oils imports from the Mideast Gulf compounded the pressure on shipments from South Korea.A slump in US domestic Group III base oils prices in recent weeks cut further the attraction of moving more shipments to that market.The price-drop flipped US Group III prices to a discount to Europe Group III (low) prices for the first time since last August, ICIS data showed.The flow of shipments from South Korea to the US showed signs of staying low so far in the month of April.The slowdown in shipments contrasted with a recovery in flows to Europe.Base oils exports to the region held above 20,000 tonnes in March for a third month, boosting total shipments to more than 70,000 tonnes in the first quarter of the year.The volume was only slightly lower than total shipments to Europe during the second half of last year.The rise in exports helped to balance out a slowdown in shipments from the UAE to Europe since late last year.The shipments also now benefited from firmer prices compared with Group III prices in the US..S Korea’s March base oils exports rise .S Korea’s March base oils exports to India/Mideast Gulf rise
South Korea’s base oils exports to the US stayed low in March for a second month as plentiful supply and falling prices in that market cut the attraction of lining up more trans-Pacific shipments.Base oils exports to Europe by contrast extended their rise in March following a dip in that region’s Group III base oils supply at the start of the year.Most of South Korea's base oils exports to US and Europe consist of Group III base oils.Its base oils exports of 34,260 tonnes to the US in March edged up from 30,100 tonnes the previous month but still fell by 39% from year-earlier levels, government data showed.The year-on-year drop in exports for a third month cut total shipments to the US to less than 117,000 tonnes in the first quarter of the year.The volume fell by 33% from year-earlier levels to the lowest since the first quarter of 2021.The contraction reflected a prolonged slowdown in US base oils imports, which fell in February for a tenth month in a row.The rising share of US base oils imports from the Mideast Gulf compounded the pressure on shipments from South Korea.A slump in US domestic Group III base oils prices in recent weeks cut further the attraction of moving more shipments to that market.The price-drop flipped US Group III prices to a discount to Europe Group III (low) prices for the first time since last August, ICIS data showed.The flow of shipments from South Korea to the US showed signs of staying low so far in the month of April.The slowdown in shipments contrasted with a recovery in flows to Europe.Base oils exports to the region held above 20,000 tonnes in March for a third month, boosting total shipments to more than 70,000 tonnes in the first quarter of the year.The volume was only slightly lower than total shipments to Europe during the second half of last year.The rise in exports helped to balance out a slowdown in shipments from the UAE to Europe since late last year.The shipments also now benefited from firmer prices compared with Group III prices in the US..S Korea’s March base oils exports rise .S Korea’s March base oils exports to India/Mideast Gulf rise
