Lube consumption in China dipped 1.3 percent to an estimated 7.4 million metric tons in 2019, while the value of the market remained the same at nearly U.S. $29 billion, according to a recent report by consultancy Kline & Co.

Base oil refiners in Asia are slashing production and looking for alternative markets amid plummeting lubricant and grease demand in China, industry insiders say, as the coronavirus outbreak continues to rattle markets.

Attempting to ease the impact of growing competition for lithium, India expanded a government performance standard for greases to cover other types of thickener chemicals, a government official said at an industry event earlier this month.

Hi-Tech Lubricants Ltd. rebounded with a profit in its second quarter, as higher other income, as well as lower expenses and taxes, offset the impact of a decline in sales.