15 October 2013 10:22 [Source: ICIS news]
SINGAPORE (ICIS)--Malaysia’s PETRONAS has reduced prices of its spot Group III base oils supply to China by $20/tonne from last month to $1,060-1,090/tonne (€784-807/tonne) for October delivery, a company source said on Tuesday.
The prices are on a CFR (cost & freight) China basis.
The company exported 2,000 tonnes of Group III 4cst and 6cst base oils to China for October delivery, the source added.
The drop was mainly attributable to weak demand from Chinese importers in 2013, industry sources said.
Chinese importers were unwilling to accept high import offers for October in view of falling international crude prices, added the sources.
PETRONAS sold 3,000-3,500 tonnes of spot Group III base oils to China at $1,050-1,080/tonne FOB (free on board) Malaysia in September.
($1 = €0.74)
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