London, 26 March (Argus) — Germany's lubricants demand rose in February by 9pc from a year earlier, but held steady from January levels.
Sales rose to 75,000t last month, up from 68,513t the same month a year ago, according to German industry group MWV. Sales were unchanged from January and still 27pc below sales of 103,098t of sales in February 2008. Germany's lubricants consumption fell by 18pc in 2009.
New passenger car registrations in Germany have also failed to recover to pre-recession levels, with last month's new registrations 15pc lower than the same month two years ago. Automotive lubricants account for more than half of global lubricants demand.
New car registrations were down 30pc from February last year even as lubricants demand rose. Car registrations rose 23pc in 2009 when a fleet renewal scheme prompted a surge in buying.
But while lubricants sales have failed to recover to pre-recession volumes, supply has also fallen following the closure of several Group 1 base oil plants in Europe and the US. Healthy demand in Asia, particularly for SN 500 and bright stock, is also absorbing some of Europe's surplus Group 1 supplies.
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