South Korea’s base oils exports to India rose to a sixteen-month high in September while shipments to the Middle East rebounded.The rise in shipments to India raised the prospect of the country’s imports staying at elevated levels this month even after imports surged to a multi-year high in September.The sustained wave of shipments pointed ongoing demand for additional supplies.The rise in base oils exports to the Middle East suggested that South Korea still had surplus volumes to clear even with the surge in shipments to India.That surplus could grow if India’s demand were to wane because of sufficient supply or access to volumes from alternative sources.South Korea’s base oils exports to India rose to 118,000 tonnes in September, government data showed..The volume was the highest since May 2024 and the third-highest in more than four years.Shipments rose even after India’s imports from South Korea climbed to a three-year high in September.The prospect of an additional wave of supplies reaching India this month suggested that blenders continued to focus on securing sufficient supply to meet demand..Recent weakness in India’s Group II heavy-grade price relative to FOB Asia cargo prices could suggest blenders were now more comfortable with their stock levels of those supplies.Ongoing strength of India’s Group II light-grade price relative to FOB Asia prices by contrast sustained the attraction of moving more of those shipments to the country.South Korea’s base oils exports to the Middle East surged even with the jump in shipments to India.Exports to the region rose to more than 34,000 tonnes in September and to 86,000 tonnes in the third quarter of the year.The quarterly volume was the highest since the beginning of 2024.With stocks at more elevated levels, the Middle East region could struggle to absorb similar volumes over the coming months.Any slowdown in demand from the Middle East, and any signs of sated demand in India, could then force shipments from South Korea to target less regular outlets like the Americas or Europe..S Korea's Sept base oils exports rise.India’s September base oils imports rise.India’s September lube demand rises.Base Oil News stories and analysis also available on ICIS platform
