21 March 2012 06:30 [Source: ICIS news]
SINGAPORE (ICIS)--Russia’s oil giant Rosneft is planning to cut its Group I base oil supply to China by 4% month on month to 8,350 tonnes in April, a China-based importer said on Wednesday.
The company will supply 5,550 tonnes of low-viscosity N150 and N250 base oils, and 2,800 tonnes of high-viscosity N450 and N650 products to China, the source added. All of these base oils are produced at Rosneft’s Angarsk plant in Russia.
Chinese importers are planning to reduce their bid prices for Rosneft’s April cargoes because of weak demand, traders said. Downstream domestic lubricant consumption has weakened from the same period last year and buyers are purchasing only small quantities, they added.
Rosneft supplied 8,700 tonnes of base oils to China in March at $1,120-1,130/tonne (€851-859/tonne) for low-viscosity products and $1,165-1,170/tonne for high-viscosity products, both on a delivered at frontier (DAF) Erenhot basis, traders said.
($1 = €0.76)
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