06 December 2011 23:59 [Source: ICIS news]
LONDON (ICIS)--European Group I base oils export prices have declined $20/tonne (€15/tonne) this week because of poor demand, market sources said on Tuesday.
Economic instability and the looming year-end have resulted in sluggish demand for base oils.
As a result, sellers are dropping prices to move cargoes for export.
“There are people who want to get rid of all the oil possible to have empty stocks for the year,” said a trader.
“The [economic] uncertainty creates panic and no one wants to be tied up with a volatile market,” the trader added.
SN (solvent neutral) 150 prices declined $20/tonne to $1,000-1,025/tonne FOB (free on board) Europe, while SN500 prices fell by the same amount to $1,015-1,035/tonne FOB, according to ICIS.
($1 = €0.75)
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