South Korea’s base oils exports to India stayed higher than usual in April for a third month.The high volumes boosted India’s supplies at a time when maintenance work on several base oils units impacted domestic output in the first and second quarters of the year.South Korea’s base oils exports of 95,000 tonnes to India in April fell from more than 110,000 tonnes in March, government data showed..The March volume was the highest since last August. The April volume was the second-highest since then.Total exports of close to 300,000 tonnes to India in the three months to April were the highest three-month volume since May 2024 and second-highest since late-2021.The surge in shipments helped to cover for a seasonal rise in India's lube demand at the end of the first quarter and then blenders’ replenishment of depleted stocks at the start of the second quarter.The rise in shipments also coincided with and covered for scheduled base oils plant maintenance work in India.Most of the maintenance work is expected to be completed by early-June.An expected recovery in domestic output would then coincide with a likely slowdown in demand during the monsoon season.Higher domestic supply and lower demand could then curb India’s requirements for such large volumes from overseas sources like South Korea.Any slowdown in requirements would coincide with an expected recovery in South Korea’s base oils output following the completion of Group II plant maintenance in that country in second-half April.Lower demand from India and rising output in South Korea could then put pressure on those supplies to target other outlets instead such as the Middle East.South Korea’s base oils exports to the UAE already rose to 13,600 tonnes in April, up from less than 6,000 tonnes the previous month.The April volume was still down from typical levels of more than 17,000 tonnes/month in 2024.Any pick-up in surplus supplies in South Korea raised the prospect of exports to the UAE rising closer to or exceeding those more typical levels in 2024..S Korea’s April base oil exports stay low.India’s April base oils imports rise.Base Oil News stories and analyses also available on the ICIS platform
