South Korea’s base oils exports to the US rose to a five-month high in May following a pick-up in shipments at the end of the month.Base oils exports of 55,600 tonnes to the US in May rose from less than 20,000 tonnes the previous month, government data showed.Most of the May shipments are likely to reach the US in first-half July. Exports to the US still lagged year-earlier levels in May for a fifth month, with the slide in shipments far exceeding the pace of the fall in US base oils imports.The fall in shipments also contrasted with a surge South Korea’s base oils exports to Europe so far this year.The diverging trends pointed to a longer-term change in flows from South Korea to those two key markets for Group III base oils.The fall in South Korea’s base oils exports to the US partly reflected the impact of rising domestic Group III base oils production in the country.Most of the shipments from South Korea to the US consist of Group III base oils.The fall in exports also reflected the rise in shipments from the Middle East as a share of US base oils imports.The rise in supply from other sources and downward pressure on US Group III base oils prices boosted the attraction for South Korea’s refiners to move more shipments to other markets such as Europe.The slump in US Group III prices to a discount to Europe Group III prices from early April added to the attraction of moving more supplies to that region.Total exports of more than 28,000 tonnes to Europe in May were the highest since April 2023. Almost all the supplies moved to Belgium and the Netherlands.The two countries are the key destinations for Group III shipments from South Korea.The rise in shipments boosted South Korea’s total base oils exports to Europe to almost 119,000 tonnes in the first five months of the year.The volume was up more than 25% from year-earlier levels.The rise in shipments contrasted with a 33% fall in South Korea's base oils exports to the US to 192,000 tonnes in the first five months of the year..S Korea’s May base oils exports rise.S Korea's May base oils exports to India rise
South Korea’s base oils exports to the US rose to a five-month high in May following a pick-up in shipments at the end of the month.Base oils exports of 55,600 tonnes to the US in May rose from less than 20,000 tonnes the previous month, government data showed.Most of the May shipments are likely to reach the US in first-half July. Exports to the US still lagged year-earlier levels in May for a fifth month, with the slide in shipments far exceeding the pace of the fall in US base oils imports.The fall in shipments also contrasted with a surge South Korea’s base oils exports to Europe so far this year.The diverging trends pointed to a longer-term change in flows from South Korea to those two key markets for Group III base oils.The fall in South Korea’s base oils exports to the US partly reflected the impact of rising domestic Group III base oils production in the country.Most of the shipments from South Korea to the US consist of Group III base oils.The fall in exports also reflected the rise in shipments from the Middle East as a share of US base oils imports.The rise in supply from other sources and downward pressure on US Group III base oils prices boosted the attraction for South Korea’s refiners to move more shipments to other markets such as Europe.The slump in US Group III prices to a discount to Europe Group III prices from early April added to the attraction of moving more supplies to that region.Total exports of more than 28,000 tonnes to Europe in May were the highest since April 2023. Almost all the supplies moved to Belgium and the Netherlands.The two countries are the key destinations for Group III shipments from South Korea.The rise in shipments boosted South Korea’s total base oils exports to Europe to almost 119,000 tonnes in the first five months of the year.The volume was up more than 25% from year-earlier levels.The rise in shipments contrasted with a 33% fall in South Korea's base oils exports to the US to 192,000 tonnes in the first five months of the year..S Korea’s May base oils exports rise.S Korea's May base oils exports to India rise
