06 July 2012 11:43 [Source: ICIS news]
SINGAPORE (ICIS)--Russia’s Rosneft is offering its Group I base oil exports to China at a low of $870–980/tonne (€705–794/tonne) for July delivery because of weak demand in China, a Chinese importer said on Friday.
Low- and medium-viscosity grades were offered at $870/tonne on a delivered at frontier (DAF) Erenhot basis for July, while the price of high-viscosity products was $980/tonne, the source said.
All the volumes were produced by the company’s Angarsk plant in Russia.
The low prices are a reflection of thin downstream demand in the Chinese market during the traditional low consumption season for lubricants in June–August, major importers of Russian oils in China said.
Late on 15 June the Russian giant reduced the price of its Group I base oils for delivery to China in June by $190/tonne from May levels.
($1 = €0.81)
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