South Korea’s base oils exports fell to a five-month low in April as plant-maintenance work in the country slashed Group III output volumes.Total exports of 315,000 tonnes in April fell from 376,000 tonnes the previous month and by 19% from year-earlier levels, government data showed.Exports dipped after a major Group III base oils unit in the country was taken offline from mid-March for scheduled maintenance work. South Korea's base oils output fell to an eight-month low in March, reflecting the impact of the shutdown.The unit resumed operations in second-half April.The drop in South Korea's exports in April likely reflected mostly the fall in Group III base oils supply.Global Group III base oils prices remained under pressure in the second quarter of the year even with the drop in supply from South Korea and with maintenance work on a Group III unit in Europe.South Korea’s exports of other base oils grades likely held firmer in April at a time when regional Group II base oils values extended their rise versus feedstock and competing fuel prices.The growing incentive to maintain or raise Group II base oils output contrasted with an increasingly unattractive arbitrage to move supplies to China.South Korea’s base oils exports to the northeast Asia country duly dipped in April to a nine-month low of 38,500 tonnes.The drop in shipments mirrored a similar fall in flows from Taiwan to China in April.Combined exports to China from those two markets, as well as Singapore, duly fell to less than 90,000 tonnes in April.The volume fell from close to 105,000 tonnes the previous month to a seven-month low.The slowdown highlighted China’s muted demand for regional supplies of Group II base oils and the need for those shipments to target other markets instead.It also suggested that a large portion of China’s imports from South Korea typically consists of Group III base oils, despite its growing domestic production capacity of the product..Taiwan’s April base oils exports slip
South Korea’s base oils exports fell to a five-month low in April as plant-maintenance work in the country slashed Group III output volumes.Total exports of 315,000 tonnes in April fell from 376,000 tonnes the previous month and by 19% from year-earlier levels, government data showed.Exports dipped after a major Group III base oils unit in the country was taken offline from mid-March for scheduled maintenance work. South Korea's base oils output fell to an eight-month low in March, reflecting the impact of the shutdown.The unit resumed operations in second-half April.The drop in South Korea's exports in April likely reflected mostly the fall in Group III base oils supply.Global Group III base oils prices remained under pressure in the second quarter of the year even with the drop in supply from South Korea and with maintenance work on a Group III unit in Europe.South Korea’s exports of other base oils grades likely held firmer in April at a time when regional Group II base oils values extended their rise versus feedstock and competing fuel prices.The growing incentive to maintain or raise Group II base oils output contrasted with an increasingly unattractive arbitrage to move supplies to China.South Korea’s base oils exports to the northeast Asia country duly dipped in April to a nine-month low of 38,500 tonnes.The drop in shipments mirrored a similar fall in flows from Taiwan to China in April.Combined exports to China from those two markets, as well as Singapore, duly fell to less than 90,000 tonnes in April.The volume fell from close to 105,000 tonnes the previous month to a seven-month low.The slowdown highlighted China’s muted demand for regional supplies of Group II base oils and the need for those shipments to target other markets instead.It also suggested that a large portion of China’s imports from South Korea typically consists of Group III base oils, despite its growing domestic production capacity of the product..Taiwan’s April base oils exports slip
