Most domestic importers' buying enthusiasm was spurred by improving demand for base oils in early August. Amid downtrends in European and American markets, they would seek more resources from Europe and US in the coming two to three weeks.
Chinese base oils importers were active in replenishing their inventories before September-October, the peak lubricant consumption season. In view of tight supplies and high import costs from Asia, most importers turned to cheaper resources from Europe and US, explained a domestic trader.
One bright stock from US was heard traded at CFR China price of below US$1,200/mt. LukOil cut deal done prices of its high-viscosity products to US$850/mt on DAF Erenhot basis, showed a survey.
Base oils prices in Europe and US were expected to decline further in near term on local oversupplies and diving international crude futures, industry sources believed. This might open arbitrage window of more specs from the two regions into China.
Meanwhile, Asian supplies declined due to converged refinery maintenance, international traders said. Economical resources from Singapore, South Korea, Taiwan, Japan and Thailand were not available, according to them.
Chinese base oils importers were active in replenishing their inventories before September-October, the peak lubricant consumption season. In view of tight supplies and high import costs from Asia, most importers turned to cheaper resources from Europe and US, explained a domestic trader.
One bright stock from US was heard traded at CFR China price of below US$1,200/mt. LukOil cut deal done prices of its high-viscosity products to US$850/mt on DAF Erenhot basis, showed a survey.
Base oils prices in Europe and US were expected to decline further in near term on local oversupplies and diving international crude futures, industry sources believed. This might open arbitrage window of more specs from the two regions into China.
Meanwhile, Asian supplies declined due to converged refinery maintenance, international traders said. Economical resources from Singapore, South Korea, Taiwan, Japan and Thailand were not available, according to them.
