Singapore’s base oils exports rose to a three-month high in April on the back of a surge in shipments to India.Base oils exports of 163,900 tonnes in April rose from 158,700 tonnes the previous month, government data showed.The volume stayed in a 140,000-160,000-tonne range that exports mostly held in for most of the past year.Exports edged higher in April as shipments to India surged to more than 47,000 tonnes.The volume rose from less than 30,000 tonnes in each of the previous five months to the highest in more than seven years.The rise in Singapore’s exports to India outweighed a drop in shipments to southeast Asia and lower-than-usual flows to China.The shipments mirrored a similar trend to other key suppliers in Asia in April, adding to a surge in exports to India.The shipments helped to cushion the impact of a seasonal slowdown in demand in southeast Asia at the start of the second quarter of the year.An extension of the trend could be less feasible in May amid steadier CFR India Group II base oil cargo prices in recent weeks.The steady prices contrasted with higher FOB NE Asia cargo prices, making the arbitrage to India less attractive.It also pointed to sufficient supply in India that left buyers with little urgency to secure additional volumes.A slowdown in requirements in India would increase the need for a pick-up in demand in China or southeast Asia, or a drop in regional supply to avoid a build-up of surplus volumes.Singapore’s base oils exports showed signs of edging lower in May from the previous month, including a slowdown in shipments to India..Taiwan’s April base oils exports slip.S Korea’s April exports to India rise
