South Korea’s base oils exports to India stayed higher than usual in May for a fourth month, while shipments to the Middle East surged.The rise in shipments raised the prospect of a pick-up in India’s total base oils imports extending through the month of June.The dynamic pointed to firm buying interest to cover for tight availability from other sources, or to a rise in inventories at a time of year when demand faced a seasonal slowdown.South Korea’s base oils exports to India came to 95,000 tonnes in May, government data showed..The volume held at or above that level for a fourth month and exceeded typical shipments of around 87,000 tonnes/month in 2024.Base oils exports to India held firm in recent months even as South Korea’s total shipments stayed unusually low because of plant maintenance and run-cuts.The high exports coincided with and helped to cover for an extended round of plant-maintenance work in India, as well as in Iran during the second quarter of the year.Concern about supply-disruptions for shipments from Iran could support additional buying interest over the coming weeks even with a slowdown in demand during the monsoon season.India’s firm imported Group II base oils cargo prices supported an extension of such flows to the country, especially for heavy grades.South Korea’s high base oils exports to India in recent months contrasted with a dip in flows to the Middle East throughout most of this year.The dynamic changed in May, with South Korea's exports to the region surging to a fourteen-month high of more than 34,000 tonnes.Like with India, any signs of a sustained slowdown in base oils exports from Iran to the UAE could trigger more sustained buying interest in additional shipments from South Korea.The wave of shipments to India and the Middle East left those to markets accounting for some 40% of South Korea’s total base oils exports in May.The share was up from more typical levels of around 31% of total exports over the past year and highlighted those markets’ growing importance for base oils shipments from South Korea..S Korea’s May base oils exports stay low.S Korea May base oils exports to US fall
