14 August 2012 23:59 [Source: ICIS news]
LONDON (ICIS)--European domestic Group I base oil prices have held steady this week because of firm upstream costs, market sources said on Tuesday.
The ongoing firmness of crude oil and other upstream products have supported the base oils market and prevented any further downward price movement on the Group I domestic market this week.
Although demand remains lacklustre, sellers are, in the main, unwilling to cut prices any further in light of the pressures upstream.
“They are out the window.”
Weak demand and earlier reductions in feedstock costs had seen domestic base oil prices slide.
Solvent neutral (SN)150 and SN500 prices were both assessed stable this week by ICIS, at $1,175-1,210/tonne FOB (free on board) northwest Europe and $1,195-1,225/tonne FOB respectively.
($1 = €0.81)
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