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Updated to Q1 2021
Group I
Supply is likely to stay tight, with Japan’s ENEOS Corp planning to take one of its units offline for a 120-day turnaround from February. A couple of Thai refiners are also expected to continue running their units at reduced rates due to poor production margins amid tepid demand for other fuel products.
Demand in China and southeast Asia is expected to pick up in January ahead of the Lunar New Year holiday before the market slows down in H1 February for the holiday. Demand in India is likely to improve in Q1 as the downstream automotive sector is expected to gradually recover.
Group II
Supply from northeast Asia is likely to stay largely constant, with the impact of the planned turnaround at South Korean GS Caltex’s Group II unit in March to be offset by the expected resumption of Taiwanese Formosa Petrochemical Corp’s (FPCC) unit to full capacity, from 90%, in February.
Demand in China and southeast Asia will likely strengthen in January ahead of the Lunar New Year holiday, before slowing down in first-half February for the holiday. Demand in India will likely pick up in Q1 as the downstream automotive sector is expected to gradually recover.
Group III
Supply in Q1 is expected to be curbed as South Korean SK Lubricants will take its 1.7m tonne/year Group III base oils unit offline for scheduled maintenance in March 2021 for one month. The impact of this may be partially offset as more Middle Eastern cargoes are expected to head to Asia, amid the escalating coronavirus situation in Europe.
Overall demand in Asia, including India, is expected to pick up as the key downstream automotive sector will likely gradually recover with the roll-out of the coronavirus vaccine. Demand in China and southeast Asia is expected to dip slightly in first-half February due to the Lunar New Year holiday.
We offer the following regional Base oils-Lubes analysis and news coverage to keep you informed of factors and developments affecting prices in the Base oils-Lubes marketplace.
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The main use for base oils is in the manufacture of lubricants, of which there are many thousands of types.
The Base Oils/Lubes Pricing report delivers daily and weekly price assessments, market news and analyses for the Asian base oils/lubes market. Whether you are a buyer, trader or seller, our pricing information gives you access to time-sensitive deals, offers/bids and price movements. Historical pricing data is also available.
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The report also includes trade flows and demand from the finished lubricants sector. Shipping and feedstock information completes the market coverage.
ICIS collects pricing data on a wide range of chemical, energy and fertilizer products, including Base oils-Lubes. Our extensive experience in price reporting means we can offer you access to historical data dating back more than 20 years for certain commodities.
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