C1 Energy (Shanghai) – Feb 8, 2010 －－－Russia's Lukoil is expected to export 8,500mt of base oils to China in February, including 150SN, 500SN, 650SN and a small amount of 900SN and 2,500SN, according to a domestic trader.
Prices of the exports were US$700-740/mt, the trader said.
Lukoil recorded stable base oils exports to China in recent months, averaging 8,000mt a month; therefore, the supply of Russia base oils was sufficient in China, the trader deemed.
Major consumption markets East and South China would not receive more base oils originating from Russia in February, because most local lubricating oil blenders were inclined to purchase Group II base oils, prices of which were close to those of the Russia grades.
Offers of Russia base oils accumulated rises of Yuan 300-400/mt in domestic market in recent month, because state-owed oil giants Sinopec and PetroChina rationed their supplies. However, traders saw sales dropped notably recently as lubricating oil plants have largely stopped purchasing on approaching Spring Festival (Feb 13).
