27 August 2012 09:38 [Source: ICIS news]
SINGAPORE (ICIS)--PetroChina supplied 20,000 tonnes of Group I base oils in August, unchanged from the volume it supplied in July, a company source said on Monday.
The company’s Group I production was sufficient in August, despite the increase in demand in the Chinese domestic market, the source explained.
Chinese domestic demand from lubricant producers started to rebound from the middle of August, in preparation for the peak consumption season in September, the source added.
The company is expected to raise its Group I base oils prices, currently at yuan (CNY) 8,450-9,250/tonne ($1,329-1,454/tonne), in the coming month, in view of rising downstream demand and higher production costs, as international crude oil prices have gone up, according to the source.
However, it is uncertain about the extent of the increase, the source added.
($1 = CNY6.36)
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