17 April 2012 23:59 [Source: ICIS news]
LONDON (ICIS)--European domestic Group I base oils prices have moved up this week because of imbalanced supply and demand, sources said on Tuesday.
Group I producers continue to push for higher numbers to improve margins, amid tight market conditions.
One northwest European supplier increased its prices recently and says it is selling spot trucks of brightstock in the range $1,500-1,510/tonne (€1,140-1,148/tonne) ex-tank and solvent neutral (SN)150 and SN500 in the $1,350s/tonne ex-tank.
The producer notes high demand and says it has insufficient volumes to sell larger spot quantities.
“We are getting requests from people that we were not supplying for a long time,” said the supplier.
“The market is short in northwest Europe.”
A different northwest European supplier said: “There is still some tightness in the market, probably due to other suppliers not supplying.”
SN150 prices were assessed up by $35/tonne to $1,335-1,375/tonne FOB (free on board) northwest Europe by ICIS, while SN500 prices were assessed up by $25/tonne to $1,355-1,395/tonne FOB. Brightstock prices were also assessed up $20/tonne to $1,470-1,520/tonne FOB.
($1 = €0.76)
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