Russia's Angarsk Refinery plans to export 9,100mt of base oils to China in July, with production basically back into normal state early June, according to a Chinese trader.
The exports, which were sharply up by 355% from the previous month, include 5,000mt of low-viscosity grade and 4,100mt of high-viscosity product, the trader elaborated.
Angarsk Refinery's base oils output is estimated to reach 13,000mt in July, about 2,000mt of which will be supplied to Russia market, said the source.
Angarsk Refinery wrapped up month-long maintenance in May, added the trader.
Most Chinese traders intend to purchase base oils at lower prices in July, since they still have stocks, market sources denoted. Outlook of China base oil market is bearish in July, which is off-season for lubricants demand, the sources said. On the other hand, domestic trading level of Russia base oils Group I is lingering low at Yuan 10,100-10,300/mt from late May, versus import costs of US$10,100-10,200/mt, the sources also said.
Angarsk Refinery shipped only 2,000mt of base oils to China in June, with trading level at US$1,100/mt on DAF Erenhot basis, C1's data showed.
