South Korea's base oil exports rebounded in September and reached their highest level since October 2024, data from Global Trade Tracker (GTT) show.
- Supplies for heavy grades remained plentiful because of wider premium compared to light grades supported higher output of heavy grades. Asian Group II N500 fob export prices stood at a premium of $164/t to Group II N150 in September, lower than the premium of $183/t in August, but higher than the five-year average of $150/t.
- Regional suppliers continued to cut prices for Group II heavy grades and mostly bundled them with offers of light grades, which were in tighter supply, to boost buying interest.
- India retained its position as the top buyer with 30pc share of total South Korean exports, as competitive prices helped counter seasonally slower demand during monsoon season.
- Shipments to the US and Europe edged up on the month, but total exports over January-September were down by 3pc and 9pc respectively compared to the same period last year. These markets typically import premium-grade base oils from South Korea.
- A South Korean refiner has had limited Group III supply since the first quarter. A less attractive Group III arbitrage from South Korea to the US; and a smaller arbitrage window for South Korean-origin Group II supplies to Europe compared to US-origin volumes further curbed trade flows.
- The Argus-assessed Asia Group II N150 fob export prices slipped slightly from $724/t in August to $721/t in September. N500 fob Asia prices fell for the sixth consecutive month, down from $907/t to $885/t over the same period.
| South Korea's base oil exports | t | ||||
| Sep'25 | m-o-m ± % | y-o-y ± % | Jan-Sep'25 | y-o-y ± % | |
| India | 117,644.5 | 19.1 | 141.0 | 862,961.6 | 9.6 |
| US | 51,769.1 | 11.8 | 38.1 | 398,698.3 | -2.9 |
| China | 40,183.3 | 7.9 | 107.2 | 374,573.7 | -0.4 |
| UAE | 24,076.2 | 76.9 | 98.5 | 138,399.7 | -13.2 |
| Singapore | 24,938.3 | 28.8 | 50.9 | 165,203.9 | -15.0 |
| Total | 385,883.4 | 16.3 | 61.6 | 3,049,885.1 | -1.8 |
| Source: GTT | |||||
| Total includes all countries, not just those listed | |||||
