19 October 2012 07:47 [Source: ICIS news]
SINGAPORE (ICIS)--China’s Shandong Qisheng Industry & Trade plans to restart its 70,000 tonne/year Group I base oils plant at Zibo in Shandong province on 10 November, a company source said on Friday.
The company shut the plant on 10 October due to a shortage of feedstock, and has now halted commercial supply to the domestic market, the source said.
However, the supply halt from Shandong Qisheng will have minimal impact on the Chinese base oils market, as there is ample supply in the surrounding markets of Shandong, traders said.
Buying interest was also low from most lubricants producers in China as the country’s base oils prices have been falling since early October, the traders added.
Group I base oils in China were traded at yuan (CNY) 8,450-8,800/tonne ($ 1,352-1,408/tonne ) on 19 October, down by CNY300-600/tonne from three weeks ago, traders said.
Shandong Qisheng Industry & Trade largely produces Group I SN40, SN60, SN150 and SN350 base oils.
($1 = CNY6.25)
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