Europe Group I domestic base oil spot prices decline

10 January 2012 23:59  [Source: ICIS news]

LONDON (ICIS)--European domestic solvent neutral (SN) 150 and SN500 spot prices have fallen by $40/tonne (€31/tonne) this week, as suppliers cut prices to move cargoes, sources said on Tuesday.

European domestic demand remains slow and amid ample supply, prices have declined.

Not all producers report lower prices but the majority say they had to reduce numbers in order to move cargoes.

One northwest European producer dropped its SN150 and SN500 prices by $50–60/tonne to encourage buyers to purchase.

“Customers are still not buying. They say they are postponing so we have to move down to be attractive on prices. There is a lot of competition around,” said the producer.

SN150 prices were assessed at $1,040-1,070/tonne FOB (free on board) northwest Europe and SN500 at $1,070-1,100/tonne FOB, by ICIS.

($1 = €0.78)

By: Carl Roache
+44 20 8652 3214

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