South Korea 380 CST delivered bunker fuel prices slip below Japan’s on improved supply

South Korean 380 CST delivered bunker fuel prices slipped below Japan’s for the first time in nearly two weeks Tuesday, as South Korean suppliers made competitive offers to entice buyers from elsewhere in the region.

The price of Japan 380 CST delivered bunker fuel first rose above that of South Korean bunkers on October 16 and held a premium until Monday.

South Korean 380 CST bunker fuel prices were assessed $10/mt lower day on day, at $509.50/mt Tuesday, reflecting offers as low as $510/mt for bunker fuel to be delivered in November.

Japan’s 380 CST delivered bunker fuel was assessed $1/mt firmer, at $518/mt Tuesday.

Traders attributed the falling South Korean prices to improved supply after a relatively tight market for October.

“South Korean suppliers have ample volumes,” a Seoul-based trader said.

South Korean refiner Hyundai Oilbank — a major supplier in the country’s bunker fuel market — is now offering bunker fuel for November delivery, having been short on October spot supply last week, traders said.
Source: Platts