China’s March imports surge from Taiwan, Spore, S Korea

China’s base oils imports from Asia’s largest producers of premium-grade base oils surged in March to a four-year high.

Imports from South Korea, Taiwan and Singapore combined came to 214,520t in March, government data showed.

The volume rose from 118,490t in February to the highest since March 2019.

The volume was up from average levels of less than 100,000 t/month over the past year and accounted for 85pc of China’s total March imports. The share is typically less than 75pc.

The rise in imports boosted China’s domestic supply, suggesting a rise in demand or a rise in inventories.

The rise in imports also absorbed a large share of the Asia-Pacific region’s premium-grade supplies.

Relatively steady prices suggested supply remained sufficient for other markets even with the rise in Chinese demand.