Turkey’s July imports from Europe stay competitive

The cost of Turkey’s Group I base oils imports from Europe stayed competitive versus shipments from Russia, supporting sustained buying interest in supplies from Italy and Greece.

The average cost of Group I supplies from Greece rose to more than $940/t in July, up from less than $930/t the previous month, government data showed.

The average cost of shipments from Italy were steady just above $1,060/t in July.

The average cost of supplies from Russia fell closer to $960/t in July from more than $980/t the previous month.

The trends widened the price premium of Italian supplies over shipments from Russia to more than $100/t in July.

The premium remained well down from more than $500/t in second-half 2022.

The price discount of shipments from Greece versus supplies from Russia narrowed to less than $20/t in July.

Shipments from Greece had previously been at a premium of more than $400/t to supplies from Russia in second-half 2022.