Taiwan’s base oils exports rebounded to a five-month high in August as shipments to China surged.
Base oils exports of 54,100t in August more than doubled from less than 23,000t the previous month, government data showed.
The volume rose by 21pc and for the fifth time in six months from year-earlier levels.
The rise in shipments lifted total exports to almost 320,000t in the first eight months of the year, up 35pc from close to 237,000t during the same period last year.
Exports got a boost from several shipments that were delayed from the previous month because of adverse weather.
A pick-up in Chinese demand added to the rise in shipments.
Exports of almost 32,000t to China in August rose from less than 12,000t the previous month to the highest since March.
Exports rose ahead of a typical seasonal pick-up in China’s domestic demand at the end of the third quarter.
The price premium of imported Group II light grades over prices for domestic supplies in China narrowed at end-July to a three-month low, ICIS data showed.
The narrower premium boosted the competitiveness of imported supplies.
