Lube oil import remain stable in Jan-Nov 2007
Updated: 2008-02-28 14:13
China imported 194,000 tons of lubricating oil in the first 11 months of last year, roughly the same as the January-November period of 2006, sources with the General Administration of Customs said on Thursday.
The imports were valued at $350 million, a growth of 11.2 percent on the same period of the previous year. With the imports remaining roughly unchanged year on year, the value increase was due to price rises. The customs sources said price of imported lube averaged $1,824 per ton, up 11.3 percent.
Of the total imports, those in general trade accounted for 120,000 tons, or 61.9 percent, the sources added.
The total also included 67,000 tons imported by foreign-funded companies, up 28.4 percent, and 83,000 tons by state-owned enterprises, down 13.2 percent.
The Republic of Korea, Japan and Singapore were the top three lube suppliers for China.
While the imports remaining stable, competition, particularly among foreign companies, on the Chinese lube market has become fiercer along with development of auto industry, shipbuilding and other manufacturing sectors in the country.
The sources said China's domestic market for high-end lubricating oil has been mainly occupied by such foreign brands as Shell, Mobile and BP.
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