· China’s first-quarter headline economic growth rises strongly.· China’s more mixed lubricants demand in Q1 more reflective of details behind the growth - strong retail sales and weak industrial production.· China’s base oils imports show signs of rising strongly in March, pointing to rising domestic demand.· Signs of slowdown in overseas shipments to China in more recent weeks suggest relatively slow consumption of the supplies.· South Korea’s exports to China slow down in March, from two-year high in February.· Surge in Singapore’s exports to China in March implies pick-up in demand northeast Asian country..· Subsequent slowdown in Singapore’s exports to China from second-half March suggest strength of demand remains variable.· Signs of firmer Chinese demand in March, slowdown in Chinese demand in April extend pattern of mixed signals.· Uncertainty about strength/sustainability of Chinese demand adds to incentive for regional refiners to limit reliance on China, boost sales in other markets.· Asia’s February lube demand rises to four-month high..· Asia’s lube demand in March typically rises from February to one of the highest monthly levels in the year.· Asia’s lube demand in April typically falls sharply from March.· Asia’s lube demand in May fell from April in 2021 and 2022.· India’s very-light-grade base oils imports stay unusually low in Q1 2023, despite low prices.· Demand likely to get support from blenders to meet lube production requirements.· Recent, latest drop in crude prices and signs of pick-up in US arbitrage shipments to India could curb buyers' urgency to lock in more supplies.· Prospect of steady light-grade prices would maintain their wide discount to India's retail diesel prices.· Very-light grade base oils imports faced sustained fall since 2H 2022 even with wide discount to retail diesel prices.· Trend suggests demand likely to remain relatively muted compared with pre-2022 levels. · India’s demand for Group III 4cst base oils holds firm even amid high prices, reflecting structural rise in requirements amid more stringent engine oil specifications.· India’s demand for Group III 8cst base oils could improve if Group II heavy-grade prices rise.· Recent demand weakness for Group III 8cst coincided with widening premium to Group II heavy grades..Americas/EMEA base oils - week of April 24: Demand outlook
· China’s first-quarter headline economic growth rises strongly.· China’s more mixed lubricants demand in Q1 more reflective of details behind the growth - strong retail sales and weak industrial production.· China’s base oils imports show signs of rising strongly in March, pointing to rising domestic demand.· Signs of slowdown in overseas shipments to China in more recent weeks suggest relatively slow consumption of the supplies.· South Korea’s exports to China slow down in March, from two-year high in February.· Surge in Singapore’s exports to China in March implies pick-up in demand northeast Asian country..· Subsequent slowdown in Singapore’s exports to China from second-half March suggest strength of demand remains variable.· Signs of firmer Chinese demand in March, slowdown in Chinese demand in April extend pattern of mixed signals.· Uncertainty about strength/sustainability of Chinese demand adds to incentive for regional refiners to limit reliance on China, boost sales in other markets.· Asia’s February lube demand rises to four-month high..· Asia’s lube demand in March typically rises from February to one of the highest monthly levels in the year.· Asia’s lube demand in April typically falls sharply from March.· Asia’s lube demand in May fell from April in 2021 and 2022.· India’s very-light-grade base oils imports stay unusually low in Q1 2023, despite low prices.· Demand likely to get support from blenders to meet lube production requirements.· Recent, latest drop in crude prices and signs of pick-up in US arbitrage shipments to India could curb buyers' urgency to lock in more supplies.· Prospect of steady light-grade prices would maintain their wide discount to India's retail diesel prices.· Very-light grade base oils imports faced sustained fall since 2H 2022 even with wide discount to retail diesel prices.· Trend suggests demand likely to remain relatively muted compared with pre-2022 levels. · India’s demand for Group III 4cst base oils holds firm even amid high prices, reflecting structural rise in requirements amid more stringent engine oil specifications.· India’s demand for Group III 8cst base oils could improve if Group II heavy-grade prices rise.· Recent demand weakness for Group III 8cst coincided with widening premium to Group II heavy grades..Americas/EMEA base oils - week of April 24: Demand outlook
