21 February 2012 23:59 [Source: ICIS news]
LONDON (ICIS)--Reduced availability has seen base oils prices rise $50/tonne (€38/tonne) this week in the Baltic Sea and Black Sea, market sources said on Tuesday.
Freezing weather conditions have delayed cargoes and alongside output cuts and rising domestic demand, prices have spiralled.
Much higher prices are being requested by sellers as buyers and traders compete for the limited remaining tonnes.
Turkish demand is healthy, but buyers are being forced to purchase European cargoes at firm prices in light of the shortage.
“I am not getting any offers from the Black Sea. I will try to buy from Europe,” said a Turkish importer.
In the Baltic Sea, solvent neutral (SN) 150 and SN500 prices were assessed up $50/tonne to $970-1,000/tonne FOB (free on board) by ICIS.
In the Black Sea, SN150 and SN500 were assessed up by the same amount to $960-1,000/tonne FOB.
($1 = €0.76)
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