C1 (Shanghai)--05/31/2010----While crude futures plunged about US$20 a barrels in recent days, Chinese importers' base oils import cost would still stay firm in June, as Asian exporters have no plan to cut their prices on tight supply, traders said.
Refineries in Singapore, South Korea, Japan, Taiwan and Russia, major sources of China's base oils imports, would keep their ex-refinery prices stable in June and some would even hike the price by US$20-30/mt, C1's survey found.
Supply shortfall caused by refinery maintenance continued underpinning base oils prices in Asian market.
The high import costs are expected to damp Chinese importers' buying interest, C1 forecast. Currently, base oils prices are falling in domestic market, since downstream demand weakened on coming low-season for lubricants consumption and plunging crude futures.

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