19 March 2013 06:19 [Source: ICIS news]
SINGAPORE (ICIS)--Singapore’s February base oil imports dropped by 19%, or 5,525 tonnes, from January, data from IE Singapore showed on Tuesday.
Singapore primarily imports Group II base oil cargoes from South Korea and premium Group III base oil cargoes from Qatar, a Singapore-based trader said.
Group II base oil imports from South Korea in February stood at 8,687 tonnes, down by 2,378 tonnes, or 21.50%, from January. January imports from South Korea stood at 11,065 tonnes.
“The drop in Group II base oil imports were due to higher offers of [South] Korean cargoes in February and demand was mostly weak since most end-users had bought larger quantities at the beginning of the year,” a second Singapore-based trader said.
Meanwhile, imports of premium Group III cargoes from Qatar were at 5,154 tonnes, down by 48.40% from January imports which stood at 9,980 tonnes.
Market sources said that these cargoes are unlikely to be sold commercially. The cargoes were imported by a local refiner and put into storage in one of the storage hubs in Singapore.
Singapore also imported 5,089 tonnes and 2,129 tonnes of Group I cargoes from Japan and Thailand in February respectively.
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