Turkey's April costs fall for Group I imports from Russia

Turkey’s costs for Group I base oils imports from Russia fell in April, contrasting with a rise in costs for supplies from sources like Greece.

The dynamic prompted prices for Russian supplies to flip back to a discount to shipments of European origin for the first time in three months.

The average cost of Group I supplies of Russian origin fell to less than $890/t in April, from close to $900/t the previous month.

The average cost of supplies from Greece rose to around $945/t in April, up from less than $870/t in March.

Prices for supplies of Greek origin remained competitive even as they rose to a premium to shipments of Russian origin.

Their premium to prices for supplies of Russian origin had been more than $400/t at the beginning of the year.

More competitive prices for supplies of European origin had attracted more buying interest and cut demand for supplies of Russian origin in recent months.