Russia’s Rosneft hikes Sept Group I base oils offers to China

04 September 2012 07:13  [Source: ICIS news]

SINGAPORE (ICIS)--Russia’s Rosneft has raised its offers for Group I base oils to China by $70-90/tonne (€55-71/tonne) month on month for September delivery, a Chinese importer said on Tuesday.

The price of medium and low-viscosity base oils rose by $70/tonne to $940/tonne on a DAF (delivered at frontier) Erenhot basis for September, and prices for high-viscosity N450 volumes went up by $70-90/tonne to $1,030-1,050/tonne, the importer added.

The price hike is a result of tightened supply as the company has taken off line its 250,000 tonne/year Group I base oils plant at Angarsk for maintenance in late August, industry sources said.

The company plans to reduce its September exports of Group I base oils to China by 68% from a month ago to about 4,000 tonnes.

On the other hand Chinese importers are seeking more cargoes for September, which is the traditional peak consumption period in China, the sources added.

Rosneft supplied 12,530 tonnes of Group I base oils to China in August.

($1 = €0.79)

By: Whitney Shi
+65 6780 4359

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly