China’s March base oils imports rise

China’s base oils imports rose in March to their highest in almost two years, adding to a pick-up in the country’s domestic base oils production.

Base oils imports of 251,650t in March rose from 158,760t the previous month to the highest since April 2021, government data showed.

The volume was up from typical levels of less than 140,000 t/yr over the past year.

Exports rose 16pc from year-earlier levels, after falling in eleven of the previous twelve months.

The rise in supplies added to signs of a revival in Chinese base oils demand.

Steady domestic prices suggested that supply was more than sufficient to meet demand.