Germany’s domestic and overseas lube demand fell for a twenty-eighth month in October amid shrinking consumption of metalworking fluids and gear oils.The ongoing fall in demand supported blenders’ preference to maintain low inventories of finished lubricants and of base oils supplies to produce the lubricants.High borrowing costs and little sign of any imminent pick-up in economic activity added to a preference to maintain lean stocks.The trend contrasted with markets in the Mediterranean region, where lube demand began a sustained recovery during the second half of last year.Germany’s total lube demand, or domestic consumption and exports combined, fell to 122,000t in October, government data showed.The volume fell by 6pc from a year earlier to a six-month low.Domestic lube consumption of less than 48,000t in October fell by 9pc from year-earlier levels.Consumption of metalworking fluids fell by 45pc and hydraulic oils by 50pc. Engine oils consumption fell at a slower 2pc pace. Lube exports continued to fall more slowly than domestic consumption, dipping by 5pc in October.Exports of hydraulic oils rose by 47pc in October, and transformer oils by 10pc.Shipments of metalworking fluids fell. But the 10pc contraction was smaller than the slump in domestic demand for the product. .Italy’s November lube demand rises.France’s October lube demand falls
