South Korea’s base oils exports fell in March as planned and some unexpected plant shutdowns cut supply.Total exports of 323,700 tonnes in March fell from 369,500 tonnes the previous month, government data showed..Exports were still well above volumes of less than 290,000 tonnes in December and January, when plant issues and stock-building had an even larger impact on supplies for overseas markets.The dynamic repeated a similar trend to last year, when stock-building ahead of plant maintenance work had a larger impact on exports than the actual plant maintenance work.Even so, South Korea’s low base oils exports late last year and early this year compounded tighter regional supply at a time when demand was firmer than usual.The low volumes kept Asia's surplus availability tight before a typical seasonal rise in consumption in the month of March.The tight fundamentals supported firm Group II base oils prices in Asia so far this year.South Korea’s lower base oils exports in March could have a more muted impact, with a large portion of the shipments likely to reach their destinations at the start of the second quarter of the year.Asia’s lube demand typically slows at the start of the second quarter, curbing the urgency for blenders to replenish their depleted stocks.Blenders could also prefer to maintain lower inventories than usual in the face of growing concern about US tariffs on imports from Asia and their impact on economic growth.This month’s slump in crude oil prices added to the attraction of maintaining lower stocks.Supply is also likely to improve following the expected imminent completion of maintenance work on a Group II unit in South Korea.The restart of the unit should support a recovery in South Korea’s Group II base oils exports in the coming weeks..Asia’s lube demand likely to ease in coming months.Asia’s February lube demand rises.S Korea’s Feb base oils exports rebound
South Korea’s base oils exports fell in March as planned and some unexpected plant shutdowns cut supply.Total exports of 323,700 tonnes in March fell from 369,500 tonnes the previous month, government data showed..Exports were still well above volumes of less than 290,000 tonnes in December and January, when plant issues and stock-building had an even larger impact on supplies for overseas markets.The dynamic repeated a similar trend to last year, when stock-building ahead of plant maintenance work had a larger impact on exports than the actual plant maintenance work.Even so, South Korea’s low base oils exports late last year and early this year compounded tighter regional supply at a time when demand was firmer than usual.The low volumes kept Asia's surplus availability tight before a typical seasonal rise in consumption in the month of March.The tight fundamentals supported firm Group II base oils prices in Asia so far this year.South Korea’s lower base oils exports in March could have a more muted impact, with a large portion of the shipments likely to reach their destinations at the start of the second quarter of the year.Asia’s lube demand typically slows at the start of the second quarter, curbing the urgency for blenders to replenish their depleted stocks.Blenders could also prefer to maintain lower inventories than usual in the face of growing concern about US tariffs on imports from Asia and their impact on economic growth.This month’s slump in crude oil prices added to the attraction of maintaining lower stocks.Supply is also likely to improve following the expected imminent completion of maintenance work on a Group II unit in South Korea.The restart of the unit should support a recovery in South Korea’s Group II base oils exports in the coming weeks..Asia’s lube demand likely to ease in coming months.Asia’s February lube demand rises.S Korea’s Feb base oils exports rebound
