China’s base oils imports fell in October to their second-lowest level in the past year.The fall in shipments contrasted with a rise in the country’s domestic paraffinic base oils output in October to the highest level in almost three years.The diverging trends slashed the import volume share of China’s total base oils supply and highlighted the country’s still-increasing self-sufficiency.Total base oils imports of 96,300 tonnes in October fell from 104,000 tonnes in September to a three-month low, government data showed.Imports fell below the 100,000 tonne/month level just three times since the beginning of 2023.Two of those times were in the last four months.The fall in imports coincided with a sustained rise in China’s base oils output, especially in September and October.Base oils imports as a share of China’s base oils supply duly fell in October to a one-year low of less than 16% of the total.The share was down from more than 28% in 2022 and 2023.The still-dwindling volume of overseas supplies moving to China put the onus on regional refiners to continue to boost shipments to other markets instead.That dynamic could change for some base oils grades from some markets following the closure of a Group I unit in China in October and the closure of several Group I plants in Japan during the last two years.China’s imports from Japan fell 7% in the first ten months of this year. The slowdown coincided with a slump in Japan’s total base oils exports this year.Shrinking demand for Group I base oils cushioned the impact of the drop in domestic production and fall in shipments from Japan.But a rise in imports from some markets this year suggested that the recent loss of a swathe of supply now exceeded the fall in demand.China’s base oils imports from Thailand rose by more than 20% in the first ten months of the year from the previous year.Imports of close to 13,000 tonnes from Saudi Arabia in the first ten months of the year were up from less than 1,000 tonnes during the whole of 2023.Thailand and Saudi Arabia are key sources of Group I base oils, especially bright stock..China’s October base oils output rises.Taiwan’s October base oils exports rise.South Korea’s Sept base oils exports fall
China’s base oils imports fell in October to their second-lowest level in the past year.The fall in shipments contrasted with a rise in the country’s domestic paraffinic base oils output in October to the highest level in almost three years.The diverging trends slashed the import volume share of China’s total base oils supply and highlighted the country’s still-increasing self-sufficiency.Total base oils imports of 96,300 tonnes in October fell from 104,000 tonnes in September to a three-month low, government data showed.Imports fell below the 100,000 tonne/month level just three times since the beginning of 2023.Two of those times were in the last four months.The fall in imports coincided with a sustained rise in China’s base oils output, especially in September and October.Base oils imports as a share of China’s base oils supply duly fell in October to a one-year low of less than 16% of the total.The share was down from more than 28% in 2022 and 2023.The still-dwindling volume of overseas supplies moving to China put the onus on regional refiners to continue to boost shipments to other markets instead.That dynamic could change for some base oils grades from some markets following the closure of a Group I unit in China in October and the closure of several Group I plants in Japan during the last two years.China’s imports from Japan fell 7% in the first ten months of this year. The slowdown coincided with a slump in Japan’s total base oils exports this year.Shrinking demand for Group I base oils cushioned the impact of the drop in domestic production and fall in shipments from Japan.But a rise in imports from some markets this year suggested that the recent loss of a swathe of supply now exceeded the fall in demand.China’s base oils imports from Thailand rose by more than 20% in the first ten months of the year from the previous year.Imports of close to 13,000 tonnes from Saudi Arabia in the first ten months of the year were up from less than 1,000 tonnes during the whole of 2023.Thailand and Saudi Arabia are key sources of Group I base oils, especially bright stock..China’s October base oils output rises.Taiwan’s October base oils exports rise.South Korea’s Sept base oils exports fall
