ICIS provides unrivalled market intelligence for the evolving base oils market.
Updated to Q3 2021
Group I
Tight supply is expected to further ease in Q3 with the restart of Idemitsu Kosan’s Chiba unit by July, albeit at a gradual pace. Southeast Asian refiners will likely continue running their units at reduced rates due to poor refining margins amid persistent weak demand for other types of fuels.
Overall demand in Q3 in northeast and southeast Asia is expected to pick up with the approach of the peak demand season in September. India demand will also likely improve after the lifting of lockdown restrictions in June, although the ongoing monsoon season will keep the demand recovery in check.
Group II
Supply of light grade 150N from northeast Asia is expected to lengthen further as South Korea’s GS Caltex continues to recover spot supply from its Group II unit, following the restart in early May. Heavy grade 500/600N supply will likely stay largely stable amid the turnaround at Taiwan’s Formosa Petrochemical Corp (FPCC) from July to August.
Demand in China and southeast Asia is likely to pick up slightly ahead of the peak demand season in September. Demand in India is also likely increase after the lifting of lockdown restrictions in June, although the monsoon season will keep the demand recovery in check.
Group III
Supply in Q3 is expected to recover after South Korean SK Lubricants restarted one of its two Group III units in end-May from a turnaround. Its other unit was restarted in mid-April from maintenance. Shipments from the Middle East to Asia including India will likely stay curbed as more volumes are expected to be heading for Europe and the US instead, due to short supply and higher prices in the latter regions.
Demand in China is expected to improve with the onset of the peak demand season in September. Demand in India and southeast Asia will likely be curbed as the automotive sector is expected to remain slow due to the high number of coronavirus infections in India and some southeast Asian countries such as Malaysia and Indonesia.
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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News & analysis
ICIS price assessments are based on information gathered from a wide cross-section of the market, comprising consumers, producers, traders and distributors from more than 250 reporters world-wide. Confirmed deals, verified by both buyer and seller, provide the foundation of our price assessments.
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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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