24 May 2012 09:40 [Source: ICIS news]
SINGAPORE (ICIS)--Oil major ExxonMobil will lower the prices of its Group I and II base oil term supply to Chinese customers by $20-50/tonne (€16-40/tonne) amid weak demand, market sources said on Thursday.
Offers for Group II 150N and 500N will fall by $50/tonne and $30/tonne, respectively with effect from 25 May, the sources said.
Its brightstock prices will decline by $20/tonne, they added.
The price reduction is likely prompted by weak Chinese demand for Group II base oils, which are in ample supply in ?xml:namespace>
“A lot of Chinese customers did not take term cargoes this month. This has affected most of the Group II suppliers,’’ an Asian trader said.
The refiner did not change its term prices in other Asian markets, according to market participants.
($1 = €0.80)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections