South Korea’s base oils exports to the US held relatively steady in March even as they edged down from the previous month.The shipments raised the prospect of sustaining steady supplies of Group III base oils in the US market at the start of the second quarter of the year.Base oils exports of 47,000 tonnes to the US in March fell from 52,500 tonnes the previous month, government data showed..The volume was close to typical export levels of around 49,000 tonnes/month in 2024.Total export volumes of close to 100,000 tonnes in February and March combined were also well up from 62,000 tonnes during the previous two months.Supplies from South Korea could tighten later in the second quarter amid signs of a slowdown in base oils shipments to the US so far this month.Any extension of such a slowdown would precede planned maintenance work on a Group III unit in South Korea later in the second quarter of the year.Any such slowdown from South Korea would leave the US market more reliant on Group III supplies from the Middle East.Any moves by US refiners to cut back on Group III base oils production would increase further that reliance.South Korea’s relatively steady flows to the US contrasted with a sharper dip in exports to Europe in March for the second time in three months.A pick-up Europe’s own Group III production helped to cushion the slowdown.South Korea’s exports to Europe fell to close to 8,000 tonnes in March and to 47,000 tonnes in the first quarter of the year.The quarterly volume was the lowest in more than a year and down from more than 80,000 tonnes during the final three months of 2024.The rise in shipments late last year coincided with and helped to cover for maintenance work on a key Group III base oils unit in Europe.The dip in South Korea’s exports to the region so far this year followed completion of the maintenance work and subsequent pick-up in shipments from the plant..S Korea’s March base oils exports fall.S Korea's March exports to India rise
