12 January 2012 07:14 [Source: ICIS news]
SINGAPORE (ICIS)--Taiwan’s Formosa Petrochemical Corp (FPCC) is planning to supply China with about 20,000 tonnes of Group II base oils in February, a decline of 33% from the previous month, as it expects demand to be weak, a company source said on Thursday.
The 20,000-tonne volume includes about 7,000 tonnes of spot products, the source said.
FPCC raised the prices of its February spot cargoes by $50-80/tonne (€40-63/tonne) from January’s level for delivering to China.
Domestic Group II base oil prices will remain weak in February because of ample supply, traders said.
FPCC’s China supply reached 50,000 tonnes for the first two months, while CNOOC restarted its 400,000 tonne/year Group II base oil plant at Huizhou in late December last year, they added.
($1 = €0.79)
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