Sinopec Shanghai Gaoqiao offers 3,000 tonnes Group II base oils

04 July 2013 11:32  [Source: ICIS news]

SINGAPORE (ICIS)--China’s Sinopec Shanghai Gaoqiao is offering to export 3,000 tonnes of July Group II N150 base oils at $990/tonne (€762/tonne), a company source said on Thursday.

The offer price is on a free-on-board (FOB) China basis, but no deals were concluded yet, the source said, citing weak demand in the Asian market.

Most producers are having difficulty exporting low-viscosity base oils on spot basis in July, while demand for high-viscosity base oils is robust, industry sources said.

Sinopec Shanghai Gaoqiao has a nameplate capacity of 400,000 tonnes/year for Group I base oils, and 300,000 tonnes/year for Group II grades.

The company exported 1,500 tonnes of Group I SN150 base oils in May, which was traded $950-970/tonne FOB China.

($1 = €0.77)

By: Whitney Shi
+65 6780 4359

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