21 December 2012 06:49 [Source: ICIS news]
SINGAPORE (ICIS)--Chinese base oils importers have doubled their purchase of December-delivered spot cargoes from Taiwan’s Formosa Petrochemical Corp (FPCC) to about 8,000 tonnes, a FPCC source said on Friday.
FPCC’s total Group II base oils exports to China rose by 40% month on month to 35,000 tonnes in December, which is the largest monthly supply to China in 2012, the source said.
The hike was a reflection 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.
However, prices of the volumes sold to China went down by $20/tonne from a month ago to $960-1,040/tonne FOB (free on board) Taiwan in December, the source added.
FPCC supplied 25,000 tonnes of Group II base oils to China, with 3,000 tonnes traded on spot basis.
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