Asia’s rerefined base oil sector needs scale and regulations to grow, industry experts said at the ICIS Asian Base Oils and Lubricants Conference held in Singapore this week. Speakers said a high portion of waste lubricants collected in the continent are currently recycled into fuel but that they could instead be turned into high quality base stocks.

Hydraulic systems are a crucial part of machinery used in a broad range of industries, including manufacturing, construction, mining, agriculture, and the marine sector. Hydraulic fluids play a vital role in lubricating these systems, transferring power, dissipating heat, generating sealing film to prevent leakage and removing any contaminants.

South Korea exported 29% more base oil in February, and the recorded value of those shipments jumped 36%, compared to results in the same month last year, according to data released this week by the Korea Customs Service. February’s export volume was the highest recorded at least since the start of 2021. In contrast, imports dropped.

Yushiro Chemical posted lower operating income for the quarter ending Dec. 31, and KH Neochem’s performance materials segment had lower operating income for the fourth quarter and full year, as both companies noted that rising costs for raw materials exceeded their ability to compensate by raising their own prices.