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Russias Rosneft keeps December base oil prices to China stable

December 01/2011

SINGAPORE (ICIS) -- Russias Rosneft is keeping the December-delivery Group I base oil prices from its Angarsk refinery to China largely unchanged from November, Chinese traders said on Thursday.
The refiners December prices to China are at $950/tonne (?703/tonne) for low-viscosity cargoes and $960-970/tonne for high-viscosity products, both on a DAF (delivered at frontier) basis to Erenhot, they said.

Market players were expecting a price reduction because of the prevailing weak demand.
However, Rosneft said stronger crude futures and its resultant higher production costs were its reasons for keeping its prices largely steady, according to the players.
In addition, the refiner plans to supply 8,000 tonnes of Group I base oils to China in December, a 16% drop from November, traders said.

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