China’s June base oils demand rises

China’s base oils demand extended its slow rise in June, mirroring the country’s stuttering economic recovery.

Notional base oils demand, or domestic production plus net imports, rose to almost 539,000t in June, government and industry data showed.

The volume rose from 532,000t the previous month and by 24pc from year-earlier levels.

Demand of 1.57mn t in the second quarter of the year rose from 1.47mn t in the first three months of the year and from 1.41mn t during the same period last year.

It remained 30pc down from 2.24mn t during the second quarter of 2021.

The small rise from year-earlier levels and the steep fall from 2021 levels highlighted the more muted pace of China’s economic recovery this year after lockdowns slashed economic activity in 2022.