Russia’s Rosneft keeps Feb Group I base oil offers to China flat

31 January 2013 04:46  [Source: ICIS news]

SINGAPORE (ICIS)--Russia’s Rosneft has kept its offers of February delivered Group I base oil exports to China unchanged from a month ago, Chinese importers said on Thursday.

The Russian producer’s prices were unchanged at $870-880/tonne (€644-651/tonne) DAF (delivered at frontier) Erenhot for low-viscosity base oils and at $930-1,000/tonne for high-viscosity grades, the importers added.

China’s Group I base oil prices are expected to remain stable in February, as domestic downstream demand will be affected by the Lunar New Year holiday on 9-15 February, the importers explained.

However, Rosneft was said to be unwilling to reduce its prices in view of firm crude prices, according to the importers.

Rosneft has settled its February export volumes to China at 9,100 tonnes, down by 4% month on month, the importers said.

The Russian volumes will consist of 6,000 tonnes of low-viscosity product and 3,100 tonnes of high-viscosity grades.

($1 = €0.74)

By: Whitney Shi
+65 6780 4359

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