18 February 2010 14:10 [Source: ICIS news]
LONDON (ICIS news)--Group I base oils inventories in India remain ample with buyers resistant to pricing increases in the short term, Indian buyers and traders said on Thursday at the sidelines of the 14th ICIS World Base Oils Conference.
Inventories of most Group I grades are adequate and competitive offers are still available from ?xml:namespace>
Offers for SN-150 grades are still available around $750/tonne CFR India and for the heavier grades like SN-500, offers are still around $790/tonne CFR from eastern European sources, said a downstream blender.
"It’s hard to see any change in prices in the short term in these circumstances," said a large buyer.
Regarding Group II base oils, February prices had seen a modest $10-15/tonne increase. Supply of lighter grades like 60/70N were expected to be balanced-to-tight due to the upcoming turnaround at Korean major S-Oil, said a key buyer.
"This was, however, a temporary situation and we largely expect stability in prices in the near term," said the buyer.
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