South Korea’s base oils exports to India slid in July to their lowest in more than a decade as supply fell and buyers lined up more shipments from other markets.Base oils exports of around 31,000t to India in July fell from 58,600t the previous month to the lowest since first-half 2011, government data showed.The fall in shipments cut total exports to India to less than 442,000t in the first seven months of the year, down 20pc from close to 553,000t during the same period last year.Exports fell as plant maintenance work in South Korea cut supply from a key refiner.A wave of arbitrage shipments from the US to India also incentivized Asia-Pacific refiners to divert supplies to other markets instead.South Korea’s exports to the Mideast Gulf by contrast rose in July to a five-month high of 26,600t. The shipments likely included a large volume of arbitrage cargoes..S Korea’s July base oils exports fall
South Korea’s base oils exports to India slid in July to their lowest in more than a decade as supply fell and buyers lined up more shipments from other markets.Base oils exports of around 31,000t to India in July fell from 58,600t the previous month to the lowest since first-half 2011, government data showed.The fall in shipments cut total exports to India to less than 442,000t in the first seven months of the year, down 20pc from close to 553,000t during the same period last year.Exports fell as plant maintenance work in South Korea cut supply from a key refiner.A wave of arbitrage shipments from the US to India also incentivized Asia-Pacific refiners to divert supplies to other markets instead.South Korea’s exports to the Mideast Gulf by contrast rose in July to a five-month high of 26,600t. The shipments likely included a large volume of arbitrage cargoes..S Korea’s July base oils exports fall
