13 May 2008 20:06 [Source: ICIS news]
LONDON (ICIS news)--European base oil prices have surged on strong demand, higher crude and feedstock values and tight market conditions, market sources said on Tuesday.
Buyers in the domestic market said that prices - assessed on a FOB (free on board) NWE (northwest Europe) basis - were coming more into line after last week’s price moves created a wide spread in values.
Prices were assessed higher at the low end at $1,130-1,160/tonne for SN150, $1,130-1,140/tonne for SN500 and $1,235-1,270/tonne for brightstock, according to global chemical market intelligence service ICIS pricing.
Yet another domestic price increase was announced by a European major, several buyers said. The $50/tonne hike will come into effect in late May, buyers added.
Export values also rose sharply, with increases of $45-85/tonne witnessed in the export market this week.
Base oils are used in the manufacture of lubricants.
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