· China’s base oils demand faces seasonal slowdown over coming weeks.· Trend would compound impact of weaker-than-expected revival in country’s economic activity.· China’s June car sales likely rise from May, steady vs year-earlier amid pick-up in sales in 2H June.· China’s May base oils demand stays more than 25pc below May 2021 levels, cutting requirements for supplies from regional producers..· China's slower-than-expected recovery in demand, prospect of rising domestic supply, and expectations of further downward price pressure likely to sustain muted buying interest in overseas supplies into the coming months.· Singapore’s unusually high base oils imports from Taiwan in May, and lower-than-usual imports from China, add to signs of weaker Chinese demand for regional supplies and rising consumption of domestic supplies..· Singapore’s base oils exports to India rebound throughout June; shipments to China stall, slipping to their lowest since the first two months of the year..· Trend adds to signs that China’s muted demand for overseas supplies set to extend into Q3 2023.· Trend boosts incentive for Asia refiners to target other markets instead..· Singapore’s May base oils exports to SE Asia surge, contrasting with lower volumes to China and India..· Trend adds to signs of more muted Chinese demand and boosts incentive to diversify away from that market.· Singapore’s growing focus on southeast Asia market coincides with rising demand and scant new production capacity in the region.· Singapore’s waning focus on China coincides with slower demand and surge in domestic base oils production capacity in that market.· Prospect of rise in India’s base oils production capacity adds to attraction for Singapore to focus more on southeast Asia.· Vietnam’s May base oils imports rise to eleven-month high, pointing to improvement in demand in southeast Asia.· Recent prospect of weak demand in southeast Asia and simultaneously in China would have added to complications for regional refiners to find outlets for surplus supplies.· Australia’s industrial lube demand stays unusually strong in early Q2 2023, while engine oils consumption slides..· Trend contrasts with other markets in southeast and northeast Asia, boosts attraction of targeting country with base oils used for industrial oils production..Global base oils – week of July 3: Price outlook - margins.Contact us for more information about the data for these stories
· China’s base oils demand faces seasonal slowdown over coming weeks.· Trend would compound impact of weaker-than-expected revival in country’s economic activity.· China’s June car sales likely rise from May, steady vs year-earlier amid pick-up in sales in 2H June.· China’s May base oils demand stays more than 25pc below May 2021 levels, cutting requirements for supplies from regional producers..· China's slower-than-expected recovery in demand, prospect of rising domestic supply, and expectations of further downward price pressure likely to sustain muted buying interest in overseas supplies into the coming months.· Singapore’s unusually high base oils imports from Taiwan in May, and lower-than-usual imports from China, add to signs of weaker Chinese demand for regional supplies and rising consumption of domestic supplies..· Singapore’s base oils exports to India rebound throughout June; shipments to China stall, slipping to their lowest since the first two months of the year..· Trend adds to signs that China’s muted demand for overseas supplies set to extend into Q3 2023.· Trend boosts incentive for Asia refiners to target other markets instead..· Singapore’s May base oils exports to SE Asia surge, contrasting with lower volumes to China and India..· Trend adds to signs of more muted Chinese demand and boosts incentive to diversify away from that market.· Singapore’s growing focus on southeast Asia market coincides with rising demand and scant new production capacity in the region.· Singapore’s waning focus on China coincides with slower demand and surge in domestic base oils production capacity in that market.· Prospect of rise in India’s base oils production capacity adds to attraction for Singapore to focus more on southeast Asia.· Vietnam’s May base oils imports rise to eleven-month high, pointing to improvement in demand in southeast Asia.· Recent prospect of weak demand in southeast Asia and simultaneously in China would have added to complications for regional refiners to find outlets for surplus supplies.· Australia’s industrial lube demand stays unusually strong in early Q2 2023, while engine oils consumption slides..· Trend contrasts with other markets in southeast and northeast Asia, boosts attraction of targeting country with base oils used for industrial oils production..Global base oils – week of July 3: Price outlook - margins.Contact us for more information about the data for these stories