South Korea’s base oils exports to the UAE almost ground to a halt in January.The slowdown highlighted the northeast Asian country's more limited surplus supplies and the need for markets like the Middle East to seek shipments from other sources instead.Total base oils exports of 150 tonnes to the UAE in January fell from an already-lower-than-usual 8,200 tonnes the previous month, government data showed.The volume was the lowest since mid-2023.The volume was also down from more than 10,000 tonnes the same month a year ago and from more than 20,000 tonnes in January 2023.The typical surge in exports to markets like the UAE at the start of the year reflected moves to clear surplus volumes from Asia at a time when demand faced a seasonal slowdown.It was also a key period for buyers in the UAE to secure additional supplies at competitive price levels from sources like South Korea, Taiwan and the US.The slowdown in shipments at the start of this year curbed buyers’ opportunity to replenish stocks and instead forced them to turn to other sources instead.South Korea’s more limited availability of supplies extended to India, with base oils shipments to that market also staying lower than usual.Exports of 78,500 tonnes to India in January were similar to the previous month but down for a fifth straight month from year-earlier levels.India’s less competitive imported cargo prices cut further the attraction of moving more supplies to that market.The premium of CFR India Group II N500 over FOB Asia cargo prices recovered in the fourth quarter of last year but was still well below year-earlier levels.The premium then fell sharply in the month of January, cutting further the feasibility of moving more shipments to India.A surge in India’s base oils imports from the US in January helped to balance out the slowdown in shipments from South Korea at the start of the year.The prospect of South Korea’s base oils exports staying lower over the coming months put pressure on buyers in markets like India to continue to line up additional supplies from alternative sources instead..S Korea’s January base oils exports fall.Global exports to Middle East slip in Dec
South Korea’s base oils exports to the UAE almost ground to a halt in January.The slowdown highlighted the northeast Asian country's more limited surplus supplies and the need for markets like the Middle East to seek shipments from other sources instead.Total base oils exports of 150 tonnes to the UAE in January fell from an already-lower-than-usual 8,200 tonnes the previous month, government data showed.The volume was the lowest since mid-2023.The volume was also down from more than 10,000 tonnes the same month a year ago and from more than 20,000 tonnes in January 2023.The typical surge in exports to markets like the UAE at the start of the year reflected moves to clear surplus volumes from Asia at a time when demand faced a seasonal slowdown.It was also a key period for buyers in the UAE to secure additional supplies at competitive price levels from sources like South Korea, Taiwan and the US.The slowdown in shipments at the start of this year curbed buyers’ opportunity to replenish stocks and instead forced them to turn to other sources instead.South Korea’s more limited availability of supplies extended to India, with base oils shipments to that market also staying lower than usual.Exports of 78,500 tonnes to India in January were similar to the previous month but down for a fifth straight month from year-earlier levels.India’s less competitive imported cargo prices cut further the attraction of moving more supplies to that market.The premium of CFR India Group II N500 over FOB Asia cargo prices recovered in the fourth quarter of last year but was still well below year-earlier levels.The premium then fell sharply in the month of January, cutting further the feasibility of moving more shipments to India.A surge in India’s base oils imports from the US in January helped to balance out the slowdown in shipments from South Korea at the start of the year.The prospect of South Korea’s base oils exports staying lower over the coming months put pressure on buyers in markets like India to continue to line up additional supplies from alternative sources instead..S Korea’s January base oils exports fall.Global exports to Middle East slip in Dec
