12 December 2012 08:50 [Source: ICIS news]
SINGAPORE (ICIS)--Taiwan’s Formosa Petrochemical Corp (FPCC) has sold 30,000 tonnes of Group II base oils to China for December delivery, up by 20% month on month, a company source said on Wednesday.
The volume also consists of 4,500 tonnes of spot cargoes, which is 50% more than the spot volume sold in November, the source said.
The company has recorded its largest monthly base oils supply to China in 2012, as a result of stronger demand from China’s major lubricant producers who are looking to replenish inventories at the year end, and speculative demand from China-based importers amid bullish expectations for 2013, the source explained.
Spot Group II N500 and N150 base oils were all traded $20/tonne (€15/tonne) lower month on month at $1,040-1,050/tonne and $960/tonne FOB (free on board) Taiwan respectively, the source added.
FPCC is expected to supply a total of 46,000 tonnes of Group II base oils to the international market in December.
($1 = €0.77)
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