Russia’s Rosneft raises March base oil prices to China

23 February 2012 07:28  [Source: ICIS news]

SINGAPORE (ICIS)--Russia’s Rosneft has raised the prices of its Group I base oils for delivery to China in March by $55-80/tonne (€42-61/tonne) because of stronger demand, a Chinese importer said on Thursday.

Rosneft’s March prices of its low-viscosity products are at $1,120-1,130/tonne on a delivery at frontier (DAF) Erenhot basis, up by $55-65/tonne from the previous month, the source said.

The prices of its high-viscosity products rose by $75-80/tonne month on month to $1,165-1,170/tonne, the source added.

Most traders in China are likely to purchase more Russian Group I products in view of the peak consumption season in March-May, the source said.

Another reason for the price hike is the declining output in Russia resulting from lower operating rates at local base oil plants, the source added.

Rosneft is expected to supply 8,700 tonnes of Group I base oils produced by its Angarsk plant to China in March.

($1 = €0.76)

By: Whitney Shi
+65 6780 4359

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