Singapore's April base oil imports dropped to the lowest in five months, following a surge in imports to a 42-month high in March, GTT data show.
- Imports to the city state declined in tandem with a contraction in overall factory activity. Singapore's Purchasing Managers' Index dropped from 50.6 in March to 49.6 in April, halting 19 consecutive months of expansion, data from the Singapore Institute of Purchasing and Materials Management show. A reading above 50 indicates expansion.
- Total imports over January to April was 73pc higher than the same period last year, boosted by consistently higher imports in the first quarter.
- April's drop in imports was largely because of zero shipments recorded from the UK and US, which had sent a combined total of 19,800t of base oils to Singapore in March. Shipments from the UK and US are typically irregular, with five-year monthly averages of 2,300t and 3,800t respectively.
- Zero imports were received from Japan for the fifth consecutive month, as supplies remained curtailed on the back of multiple scheduled maintenances in the northeast Asian country. Singapore continued to seek Group I supplies from alternative sources such as Saudi Arabia and Russia.
- Supplies from Thailand slipped on the month but remained above the five-year monthly average of 2,500t.
- Persistently tight availability of Group I base oils supported firm prices in April. The Argus-assessed Asia fob export price for Asia Group I SN 500 increased from $918/t in March to $923/t in April, while bright stock rose from $1,241/t to $1,248/t over the same period. Group I SN 150 remained stable at $678/t fob Asia, as readily available supplies of Group II N150 helped offset limited supplies of the Group I light grade.
| Singapore's base oil imports | t | ||||
| Apr'25 | m-o-m ± % | y-o-y ± % | Jan-Apr'25 | y-o-y ± % | |
| South Korea | 7,466.0 | -3.3 | -26.5 | 31,259.0 | -25.6 |
| Qatar | 7,353.0 | -46.9 | -14.5 | 70,676.0 | 40.2 |
| Russia | 5,000.0 | NA | NA | 18,278.0 | 32,539.3 |
| Saudi Arabia | 5,888.0 | 22.2 | NA | 19,012.0 | 169.6 |
| Thailand | 3,512.0 | -42.9 | 38.1 | 20,740.0 | 252.8 |
| Total | 42,734.0 | -53.9 | 10.6 | 289,847.0 | 72.9 |
| Source: GTT | |||||
| Total includes all countries, not just those listed | |||||
