South Korea’s base oils exports rose in December as shipments to China rebounded.The rise in total exports curbed the size of any build-up of surplus supplies in South Korea at the end of last year.The rise in exports to China added to the country’s supply amid a steady rise in its domestic base oils output.China’s rising supply coincided with firm domestic base oils prices relative to competing fuel prices and relative to prices in the Asia-Pacific market, ICIS data showed.The firm prices even with a rise in supplies pointed to a pick-up in China’s domestic demand.South Korea’s total base oils exports of 381,000t in December rose from close to 311,000t the previous month and by 27pc from year-earlier levels.Total exports of 4.19mn t in 2023 fell from year-earlier levels of 4.22mn t to the lowest since 2015.Base oils exports fell because of plant-maintenance work and refinery run-cuts.The sustained fall in exports in 2022 and 2023 pointed to more prolonged run-cuts in a market that faced growing structural oversupply and a sharp slowdown in demand from China.Base oils exports to China improved from the end of the third quarter and rose in December to a ten-month high of 82,800t.Any extension of the pick-up in shipments to China would tighten availability of South Korea’s supplies for other regions.The trend could in turn incentivize South Korea’s refiners to raise run-rates, leaving supply more readily available. .S Korea’s Nov base oils output rises.S Korea’s Nov base oils exports fall
South Korea’s base oils exports rose in December as shipments to China rebounded.The rise in total exports curbed the size of any build-up of surplus supplies in South Korea at the end of last year.The rise in exports to China added to the country’s supply amid a steady rise in its domestic base oils output.China’s rising supply coincided with firm domestic base oils prices relative to competing fuel prices and relative to prices in the Asia-Pacific market, ICIS data showed.The firm prices even with a rise in supplies pointed to a pick-up in China’s domestic demand.South Korea’s total base oils exports of 381,000t in December rose from close to 311,000t the previous month and by 27pc from year-earlier levels.Total exports of 4.19mn t in 2023 fell from year-earlier levels of 4.22mn t to the lowest since 2015.Base oils exports fell because of plant-maintenance work and refinery run-cuts.The sustained fall in exports in 2022 and 2023 pointed to more prolonged run-cuts in a market that faced growing structural oversupply and a sharp slowdown in demand from China.Base oils exports to China improved from the end of the third quarter and rose in December to a ten-month high of 82,800t.Any extension of the pick-up in shipments to China would tighten availability of South Korea’s supplies for other regions.The trend could in turn incentivize South Korea’s refiners to raise run-rates, leaving supply more readily available. .S Korea’s Nov base oils output rises.S Korea’s Nov base oils exports fall