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Base oils and waxes
Overview
As the world pivots towards decarbonisation, challenges and opportunities loom for base oils production and demand. Staying on top of this market is more important than ever to realise these opportunities and mitigate pricing risk.
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Latest base oils and waxes news
Browse the latest market moving news on the global base oils and waxes market.
Fire shuts Idemitsu's Chiba lubricant facility in Japan
Fire shuts Idemitsu's Chiba lubricant facility in Japan
Tokyo, 2 July (Argus) — A fire hit Japanese refiner Idemitsu's lubricant production facility at its Chiba refinery today, forcing the refiner to halt operations at the facility. Idemitsu is unsure about the cause of the fire and when the company can resume normal operations at the lubricant unit. But other facilities, including the 190,000 b/d crude distillation unit and the 374,000 t/yr ethylene cracker, are unaffected and operating as usual. Idemitsu's Chiba refinery owns a 11,600 b/d lubricant hydrotreating unit and a 2,000 b/d lubricant dewaxing process unit. The refiner sold 1.14mn kiloliters (19,523 b/d) of lubricants during the April 2023-March 2024 fiscal year, down by 1.4pc on the year. Japan has traditionally been a net exporter of base oils, but the country's supplies have tightened significantly since Eneos closed its Negishi refinery in October 2022 and Wakayama refinery in October 2023 . This latest incident could further curtail Japanese Group I base oil exports. Tight regional supplies for Group I base oils supported stable spot prices, while prices of Group II neutrals have been steadily declining given weakening sentiment. Argus -assessed Asian fob export prices for Group I held steady in the week ending 28 June, while prices for Group II fell by $20/t. By Nanami Oki and Tara Tang Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Thailand’s base oil imports hold steady in May
Thailand’s base oil imports hold steady in May
Singapore, 2 July (Argus) — Thailand's base oil imports remained stable in May, as firm Asian demand and rising spot prices countered a slowdown in Thailand's economy. The Thai economy expanded at a slower rate in May compared to April, because of lower exports, manufacturing output and private investment, according to Thailand's central bank. Thailand mainly sought premium-grade imports, with South Korea supplying half of total Thai imports, Singapore contributing 35pc and Qatar 10pc. Thailand only produces Group I base oils. Imports from South Korea increased compared to April, following a maintenance at a major South Korean Group III refinery that lasted 1½ months and was completed in late April. But May imports remained below the five-year monthly average of 18,000 kilolitres (15,800t). Regional demand was firm on the back of rising spot prices. The Argus -assessed Asian fob export prices for Group II N150 and N500 rose for four consecutive months to $880/t and $980/t respectively in May. Prices for N150 reached a six-month high, while N500 hit a 20-month high because of tight regional supplies for heavy grades. By Tara Tang Thailand's base oil imports kl May'24 Apr'24 May'23 m-o-m ± % y-o-y ± % South Korea 13,474.4 11,397.2 8,065.3 18.2 67.1 Singapore 9,417.5 9,461.3 5,480.2 -0.5 71.8 Qatar 2,728.1 2,807.7 1,689.1 -2.8 61.5 Japan 778.9 2,389.8 85 -67.4 816.3 Total 26,822.6 26,427 16,463.7 1.5 62.9 Source: GTT Total includes all countries, not just those listed Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Italian base oil output drops in 1Q
Italian base oil output drops in 1Q
London, 26 June (Argus) — Italian base oil production fell in the first quarter of this year compared with the same period of 2023, driven by a planned shutdown of Eni's 600,000 t/yr Livorno Group I plant that began on 26 January. The closure of the Livorno plant pushed Italian base oil output down by 16pc on the year in January-March, according to latest government figures. The plant accounts for an estimated 13pc of Europe's Group I nameplate capacity. The decline in domestic production incentivised overseas buyers to secure export volumes in anticipation of higher prices. As a result, Italian base oil exports increased by 6.5pc on the year in the first quarter. Italian suppliers cleared excess stocks to cater for the rise in export demand. Exports to Morocco jumped by 8,700t on the year to 16,900t in the first quarter. Exports to Saudi Arabia rose by 1,500t to 3,900t. The Argus -assessed export spot price for Group I SN 150 reached $905/t by the end of March, up by 7pc from the start of the year. By Christian Hotten Italian base oils t 1Q-2024 1Q-2023 ±% Production 180,520 215,560 -16.3 Exports 255,850 240,140 6.5 Ministry of Economy and Finance, GTT Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
UK launches anti-dumping investigation: Base Oils
UK launches anti-dumping investigation: Base Oils
London, 17 June (Argus) — The UK Trade Remedies Authority (TRA) is investigating alleged dumping of lubricants in the UK market at unfair prices. The TRA will investigate whether imports of engine oils and hydraulic fluids from the United Arab Emirates (UAE) and Lithuania are being dumped in the UK and whether they are causing injury to the UK's lubricant blending industry. The investigation was spurred by an anti-dumping application by UK lubricants manufacturer Aztec Oils. "For too long, UK lubricant manufacturers have faced unfair competition from dumped products sold at unsustainable prices, which has had a severe impact on our industry", Aztec managing director Mark Lord told Argus today. "By ensuring fair trading practices, we can safeguard jobs, maintain high standards of product quality, and secure the long-term prosperity of the UK lubricant industry", Lord added. If the TRA determines a trade remedy is necessary, an Economic Interest Test (EIT) will be conducted to assess whether the implementation of a trade remedy is in the UK's economic interest, TRA said. UK imports of engine oils and hydraulic fluids from the UAE and Lithuania have increased over the past two years. Imports in February totalled 2,219t — standing 2,157t higher than in February 2022, according to Global Trade Tracker. European buyers have recently looked more towards importing Group I base oils, despite traditionally being a net exporter , as a result of refinery maintenance and shutdowns , curbing available supply. More limited availability has pushed European fob Group I domestic and export spot prices up, incentivising a move towards more competitively priced material. The Argus- assessed Group I SN 150 fob domestic and export spot price currently stands at parity ($1,110/t) with prices rising by 13pc and 31pc, respectively, since the start of the year. By Christian Hotten Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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