05 March 2013 08:25 [Source: ICIS news]
SINGAPORE (ICIS)--Russia’s Rosneft has raised its offers for Group I base oil exports for delivery to China in March by $40-70/tonne (€31-54/tonne) from the previous month, Chinese importers said on Tuesday.
Prices rose by $40-50/tonne to $910-920/tonne DAF (delivered at frontier) Erenhot for low-viscosity base oils, while those of high-viscosity grades were $70/tonne higher at $1,000-1,010/tonne DAF Erenhot, the importers added.
All volumes for export will be produced by Rosneft’s 250,000 tonne/year Group I base oil plant at Angarsk in Russia.
Prices were hiked ahead of the expected robust demand during the peak consumption season in March-May in China, major importers in China said.
Meanwhile, China’s Group I base oil prices have been on an upward trend since late February on the back of rebounding demand and limited supply, the importers added.
Offers of April exports from Russia are expected to continue rising as a result, they said.
Group I base oils were traded at yuan (CNY) 8,500-9,200/tonne ($1,364-1,477/tonne) in north and northeast China on 5 March, up by CNY100-175/tonne from a week ago, according to domestic traders.
($1 = €0.77)
($1 = CNY6.23)
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