18 June 2012 04:45 [Source: ICIS news]
SINGAPORE (ICIS)--The Asian base oil shipping market was quiet in the week ended 18 June as weak demand across Asia hampered trading activity, market sources said on Monday.
“With the exception of regular volumes to ?xml:namespace>
Enquiries continued to be heard, but there were no fixtures. Inter-Asia shipping rates for 5,000 tonne parcels are generally stable at $40-60/tonne, a London-based trader said.
Meanwhile, 1,000-3,000 tonne parcels are headed for the Asian base oils export market, with freight rates at $120-130/tonne to
Some small cargoes of base oils have been shipped with parcels of solvents, the
The prices of 3.5% fuel oil stood at $603-604/tonne (€476-477/tonne) on 12 June, up by $4/tonne week on week, while 0.5% gasoil prices fell by $5/tonne to $822-823/tonne in the same period, according to ICIS data.
Most market participants said they expect trading activity to pick up in July when buyers emerge to replenish their inventories.
($1 = €0.79)
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