Asia’s lube demand rose to a one-year high in March amid a seasonal pick-up in consumption.The rise in demand lagged expectations as consumption fell for a second month from year-earlier levels.The lower rise in consumption and signs of improving base oils supply raised the prospect of curbing any supply-tightness in the region at the end of the first quarter of the year.It also curbed blenders’ urgency to replenish their feedstock supplies at the start of the second quarter of the year.Asia’s base oils prices extended their rise in the second quarter of the year. But imported cargo prices in markets like China and India lagged the rise in FOB Asia prices.The narrower price-spreads pointed to sufficient supply or easing demand in those destination markets.Asia’s lube consumption of more than 860,000 tonnes in March rose by almost 130,000 tonnes from the previous month, government data showed.The volume excluded China.Demand surged amid a seasonal pick-up in consumption in markets like India, Thailand, and Japan.Consumption was still down 6% from year-earlier levels of close to 920,000 tonnes.Demand in southeast Asia bucked the trend, with consumption rising 2% in March from year-earlier levels.Demand in that region rose amid signs of a recovery in consumption in markets like Vietnam and the Philippines.Asia’s lube demand typically falls sharply in the month of April after blenders sought to bring forward consumption to maximise sales in the month of March.Slower demand raised the prospect of adding to a recovery in the region’s surplus base oils supplies..Japan March base oil/lube demand rises .Thailand’s March lube demand mixed.India’s March lube demand mixed
Asia’s lube demand rose to a one-year high in March amid a seasonal pick-up in consumption.The rise in demand lagged expectations as consumption fell for a second month from year-earlier levels.The lower rise in consumption and signs of improving base oils supply raised the prospect of curbing any supply-tightness in the region at the end of the first quarter of the year.It also curbed blenders’ urgency to replenish their feedstock supplies at the start of the second quarter of the year.Asia’s base oils prices extended their rise in the second quarter of the year. But imported cargo prices in markets like China and India lagged the rise in FOB Asia prices.The narrower price-spreads pointed to sufficient supply or easing demand in those destination markets.Asia’s lube consumption of more than 860,000 tonnes in March rose by almost 130,000 tonnes from the previous month, government data showed.The volume excluded China.Demand surged amid a seasonal pick-up in consumption in markets like India, Thailand, and Japan.Consumption was still down 6% from year-earlier levels of close to 920,000 tonnes.Demand in southeast Asia bucked the trend, with consumption rising 2% in March from year-earlier levels.Demand in that region rose amid signs of a recovery in consumption in markets like Vietnam and the Philippines.Asia’s lube demand typically falls sharply in the month of April after blenders sought to bring forward consumption to maximise sales in the month of March.Slower demand raised the prospect of adding to a recovery in the region’s surplus base oils supplies..Japan March base oil/lube demand rises .Thailand’s March lube demand mixed.India’s March lube demand mixed