01 March 2011 13:26 [Source: ICIS news]
LONDON (ICIS)--ExxonMobil will seek price increases of more than 10% across its range of Group I base oils in Europe beginning 15 March, market sources said on Tuesday.
The company gave 15 days’ notice to customers on 28 February that prices for SN150, SN600 and brightstock would rise by $120/tonne (€86/tonne), sources said.
ICIS quoted domestic European spot prices for SN150 at $1,090-1,120/tonne at the end of February.
ExxonMobil’s last price increases, which took effect on 22 February, raised SN150 prices by $70/tonne, SN600 by $30/tonne and brightstock by $70-75/tonne.
Other producers have indicated plans to raise their base oil prices in March. Customers said that Shell had proposed increases of $50-60/tonne on most grades from 1 March.
Refiners are seeking to maintain margins by raising base oil prices, but some buyers feel that the extent of the proposed increases is more than can be justified by the rise in crude oil prices.
($1 = €0.72)
For more on ExxonMobil visit ICIS company intelligence
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