22 May 2012 09:25 [Source: ICIS news]
The plant was taken off line in late April for maintenance, according to the source.
The company has cut prices of its low-viscosity base oils products by yuan (CNY) 200/tonne ($32/tonne) to CNY9,700/tonne ex-work (EXW) this week amid ample stocks and falling market prices, the source said.
Prices of Group I base oils in northeast China are expected to decline further in June, as supply will increase once the Daqing plant restarts, with weak crude prices adding to the downward pressure, traders said.
Daqing Petrochemical mainly produces SN150, SN250 and SN400 base oils.
The company is a subsidiary of Chinese oil and gas giant PetroChina.
($1 = CNY6.33)
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