Use of lithium soap grease thickeners dropped significantly in China and South Asia in 2022, according to the latest version of the National Lubricating Grease Institute’s Grease Production Survey Report, which was released this week. The data likely reflects grease manufacturers opting for other types of thickeners in response to lithium cost increases caused by the rise in electric vehicle sales.

Lanka IOC reported a hefty jump in operating profit for its fiscal year ending March 31, boosted by commissioning Sri Lanka’s first local grease plant last September. The company noted in its annual report that adding local grease production capacity creates notable savings in terms of foreign exchange.

South Korea exported 12% less base oil in May – for its lowest volume since the end of last year – and its reported value declined by 16%, according to data released by a government agency. The country exported 333,974 metric tons of base oils for the month at a reported value of U.S. $408.3 million.