08 January 2013 08:53 [Source: ICIS news]
SINGAPORE (ICIS)--Taiwan’s Formosa Petrochemical Corp (FPCC) plans to supply about 40,000 tonnes of Group II base oils to China in January, representing a 14.3% increase from December volumes, a company source said on Tuesday.
Spot cargoes constitute about a fourth of the total volume, the source said.
The total includes delayed cargoes that should have been delivered in December and some February cargoes as FPCC tries to bring down its base oil inventory ahead of the week-long Lunar New Year holiday in China on 9-16 February, the source said.
The company has been selling spot Group II base oils cargoes at $970-1,030/tonne (€737-783/tonne) FOB (free on board) Taiwan this month, the source said.
FPCC supplied China with 35,000 tonnes of Group II base oils in December 2012, 8.6% of which or 3,000 tonnes are spot cargoes.
($1 = €0.76)
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