28 August 2013 06:56 [Source: ICIS news]
SINGAPORE (ICIS)--Russia’s Rosneft plans to increase its Group I base oils exports to China by 20% month on month to 12,000 tonnes in September, a Chinese importer said on Wednesday.
The cargoes will consist of 7,200 tonnes of low-viscosity base oils and 4,800 tonnes of high-viscosity grades, the importer said, adding that all the volumes will be produced by the company’s 250,000 tonne/year Group I base oils plant at Angarsk in Russia.
Cargo offers for September delivery are expected to stabilise as Group I base oils prices for August were stable and there is an oversupply of low-viscosity grades in China, the importer said.
Traders are holding a wait-and-see attitude towards the Chinese market in September as downstream demand is still weak in August, added the importer.
Rosneft exported 10,000 tonnes of Group I base oils to China in August, including 6,000 tonnes of low-viscosity volumes and 4,000 tonnes of high-viscosity grades.
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