Russia’s Rosneft raises Jan Group I base oil offers to China

31 December 2012 09:36  [Source: ICIS news]

SINGAPORE (ICIS)--Russia’s Rosneft has increased its offers for Group I base oil exports to China by $10.00-20.00/tonne (€7.60-15.20/tonne) month on month for January-delivered cargoes, a Chinese importer said on Monday.

Prices of low-viscosity base oils rose by $10.00/tonne from a month ago to $870-880/tonne on a DAF (delivered at frontier) Erenhot basis for January. Prices for high-viscosity volumes went up by $10.00-20.00/tonne to $930-1,000/tonne, the importer added.

The company raised its January offers in view of prices of Russia-origin Group I base oils rebounding in the Chinese market in late December, other importers based in China said.

Rosneft has settled its January export volumes to China at 9,500 tonnes, a rise of 39.7% from the previous month, the importer said.

The volumes will consist of 5,500 tonnes of low-viscosity products and 4,000 tonnes of high-viscosity grades, added the importer.

($1 = €0.76)

By: Whitney Shi
+65 6780 4359

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