01 Importers are cautiously stocking
This week, the prices of domestic first-class and second-class base oils in the Chinese market showed a steady decline, mainly due to the fact that most downstream lubricant manufacturers' purchase demand for low-viscosity resources is still sluggish, because their downstream real economy demand has not yet recovered significantly Signs. The prices of imported Class I and II base oils have shown a mixed trend. Among them, the prices of imported high viscosity Class I base oils are still acceptable and importers' purchase costs have increased significantly, and importers have pushed up prices. Although the price of imported Class II imported base oils has risen steadily, the prices of domestic Class II base oils have fallen steadily. The decline in imported low-viscosity prices is mainly due to the impact of domestic low-cost resources, while the prices of high-viscosity imported Class II oils continue Stable, mainly due to a certain rigid need to support.
02 Wait and see
From the point of view, terminal demand from late March to April may be better than early March, mainly due to the slower recovery of the real economy in the downstream this year, so the original peak season in March was delayed compared to previous years. However, most market players said that demand in the first half of this year was weaker than in previous years, so the peak season may be in a weak state. From the perspective of the supply side, the imported spot resources in April may still be dominated by high-viscosity resources, and the main terminals have a certain demand. The import of low-viscosity spot resources may have decreased, mainly because Asian refineries exported Southeast Asia and other places have better profits than the Chinese market, and importers of low-viscosity resources are facing a certain loss under the impact of domestic low-cost resources. From the perspective of the domestic resource supply side, the supply of Type II low-viscosity base oils may increase further with the restart of CNOOC Huizhou refinery plant in late April and new plants being put into operation.