China’s July base oils imports fall

China’s base oils imports fell to an eleven-month low in July, adding to a raft of signs of slower-than-expected demand for the lubricants feedstock.

Base oils imports of 104,200t in July fell from 166,100t in June, government data showed. The volume was the lowest since August 2022.

Imports of 1.14mn t in the first seven months of the year were down 5pc from 1.20mn t during the same period last year.

Base oils imports fell in July partly because of a seasonal dip in demand at the start of the third quarter of the year.

The country’s weaker-than-expected economic recovery compounded the slowdown in demand.

Concern about the outlook extended the slowdown as domestic blenders preferred to maintain low inventories and to procure supplies on a need-to basis.