South Korea’s base oils exports to India and the Mideast Gulf combined rose in November to the second-highest level in more than two years in the face of growing competition in the Asia-Pacific region.Base oils exports of 93,200t to India in November fell from close to 121,000t the previous month, government data showed.The November volume was the second-highest since second-half 2021. The October volume was the highest since then.The rebound in shipments to India in October had coincided with a surge in South Korea’s total exports to an eight-month high.Shipment volumes to India stayed high in November despite a slump in South Korea’s total base oils exports.The firm volumes coincided with a closed arbitrage to move supplies to China and growing competition with Singapore for market share in southeast Asia.A pick-up in shipments to the Mideast Gulf highlighted the same dynamic.South Korea’s exports of more than 27,000t to the region in November rose to a nine-month high.The planned start-up of new base oils production capacity in India in the coming months raised the prospect of new supplies targeting both its domestic market and nearby outlets like Mideast Gulf.The move could complicate further Asia-Pacific producers’ options for clearing any surplus base oils supplies from the region..S Korea’s Nov base oils exports fall
South Korea’s base oils exports to India and the Mideast Gulf combined rose in November to the second-highest level in more than two years in the face of growing competition in the Asia-Pacific region.Base oils exports of 93,200t to India in November fell from close to 121,000t the previous month, government data showed.The November volume was the second-highest since second-half 2021. The October volume was the highest since then.The rebound in shipments to India in October had coincided with a surge in South Korea’s total exports to an eight-month high.Shipment volumes to India stayed high in November despite a slump in South Korea’s total base oils exports.The firm volumes coincided with a closed arbitrage to move supplies to China and growing competition with Singapore for market share in southeast Asia.A pick-up in shipments to the Mideast Gulf highlighted the same dynamic.South Korea’s exports of more than 27,000t to the region in November rose to a nine-month high.The planned start-up of new base oils production capacity in India in the coming months raised the prospect of new supplies targeting both its domestic market and nearby outlets like Mideast Gulf.The move could complicate further Asia-Pacific producers’ options for clearing any surplus base oils supplies from the region..S Korea’s Nov base oils exports fall