South Korea’s base oils exports to India rose to a seven-month high in March even as its total exports fell.Base oils exports of 110,000 tonnes to India in March rose from an already-high 94,000 tonnes in February and from typical volumes of 87,000 tonnes/month in 2024, government data showed..The rise in shipments boosted India’s share of South Korea’s exports to 34% of the total.The share rose from 25% of South Korea’s total base oils exports in 2024 to the highest in more than a decade.The unusually large volume and share of total exports pointed to strong demand in India relative to other markets or to a rise in South Korea’s surplus supply to clear.A rise in surplus supply was less likely in view of maintenance-work on a key Group II base oils unit in South Korea throughout the month of March.The possibility of strong demand was feasible in view of blenders’ need to replenish stocks after a seasonal surge in India's domestic lube demand in the month of March.Demand for overseas shipments could have got further support from tighter domestic supply because of plant maintenance work from February to May.The unusually large volume of shipments bound for India raised the prospect of the country taking delivery of a large volume of supplies from various markets at the start of the second quarter of the year.The arrival of the shipments would coincide with a seasonal slowdown in demand, especially compared with the month of March.The arrival of any shipments in April would also follow the dip in crude oil prices earlier that month.The unusually large share of shipments bound for India also pointed to weaker-than-usual demand or sufficient supply in other markets like southeast Asia and the Middle East.Blenders in southeast Asia also faced the prospect of ending the first quarter with low stocks following a seasonal rise in lube consumption in the month of March.A slowdown in shipments from South Korea and more recently from Singapore to the region could reflect less urgency to replenish those stocks.The slump in base oils exports from South Korea to the Middle East raised the prospect of a dip in shipments reaching that market in April and May.Demand in the Middle East was likely to improve during those months following a slowdown in activity in March during the fasting month of Ramadan and Iranian New Year holidays. .S Korea’s March base oils exports fall.India’s March base oils imports rise
South Korea’s base oils exports to India rose to a seven-month high in March even as its total exports fell.Base oils exports of 110,000 tonnes to India in March rose from an already-high 94,000 tonnes in February and from typical volumes of 87,000 tonnes/month in 2024, government data showed..The rise in shipments boosted India’s share of South Korea’s exports to 34% of the total.The share rose from 25% of South Korea’s total base oils exports in 2024 to the highest in more than a decade.The unusually large volume and share of total exports pointed to strong demand in India relative to other markets or to a rise in South Korea’s surplus supply to clear.A rise in surplus supply was less likely in view of maintenance-work on a key Group II base oils unit in South Korea throughout the month of March.The possibility of strong demand was feasible in view of blenders’ need to replenish stocks after a seasonal surge in India's domestic lube demand in the month of March.Demand for overseas shipments could have got further support from tighter domestic supply because of plant maintenance work from February to May.The unusually large volume of shipments bound for India raised the prospect of the country taking delivery of a large volume of supplies from various markets at the start of the second quarter of the year.The arrival of the shipments would coincide with a seasonal slowdown in demand, especially compared with the month of March.The arrival of any shipments in April would also follow the dip in crude oil prices earlier that month.The unusually large share of shipments bound for India also pointed to weaker-than-usual demand or sufficient supply in other markets like southeast Asia and the Middle East.Blenders in southeast Asia also faced the prospect of ending the first quarter with low stocks following a seasonal rise in lube consumption in the month of March.A slowdown in shipments from South Korea and more recently from Singapore to the region could reflect less urgency to replenish those stocks.The slump in base oils exports from South Korea to the Middle East raised the prospect of a dip in shipments reaching that market in April and May.Demand in the Middle East was likely to improve during those months following a slowdown in activity in March during the fasting month of Ramadan and Iranian New Year holidays. .S Korea’s March base oils exports fall.India’s March base oils imports rise
