23 August 2013 07:55 [Source: ICIS news]
SINGAPORE (ICIS)--Malaysia’s Petroliam Nasional Berhad (PETRONAS) has maintained its September spot Group III base oils offers to China almost unchanged from August at $1,050-1,080/tonne (€787-810/tonne), a company source said on Friday.
The company maintained its price flat mainly because of an oversupply of Group III grades in China due to weak downstream demand, the source explained.
The company planned to export 3,000-3,500 tonnes of Group III base oils to China in September, the source said.
PETRONAS supplied 1,000 tonnes of Group III N100 base oils to China in July at $1,060/tonne FOB (free on board) Malaysia.
Buyers said the offer was acceptable to them but they were not buying much cargoes because of ample supply of the material in the market.
($1 = €0.75)
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