18 February 2013 06:30 [Source: ICIS news]
SINGAPORE (ICIS)--China’s Sinopec Jingmen plans to restart its 200,000 tonne/year Group I base oils plant at Jingmen in Hubei province in late February, a company source said on Monday.
The company shut the plant in December 2012 for maintenance and has halted Group I base oils supply during the shutdown, the source added.
Group I grades from the plant are expected to be offered yuan (CNY) 300/tonne ($48/tonne) higher at CNY8,800/tonne for SN150 base oils and CNY9,100/tonne for SN500 after supply resumes, the source said.
The price hike is supported by bullish expectations on rising demand during the peak consumption season in March-May, the source explained.
Sinopec Jingmen is the sole supplier of Group I base oils in central China. A company source previously gave the plant’s capacity as 250,000 tonnes/year.
($1 = CNY6.23)
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