24 September 2012 11:25 [Source: ICIS news]
SINGAPORE (ICIS)--Iranian major Sepahan Oil dropped its list prices of SN500 base oils for a third consecutive week in line with the overall bearish sentiment in the ?xml:namespace>
Sepahan Oil’s SN500 prices fell by $20/tonne (€15.40/tonne) to $990/tonne FOB (free on board)
This is the third time that Sepahan Oil has lowered its prices. The supplier first cut its prices by $10/tonne to $1,040/tonne FOB Iran and $1,070/tonne CFR UAE in the week ended 6 September, according to data from ICIS.
The refiner subsequently reduced its prices of SN500 to $1,010/tonne FOB
“Iranian base oil refiners, especially Sepahan Oil, usually reflect price movements much later from those in the broader market,” a market player said.
“Sepahan Oil’s decline in prices was expected by most players because the transacted prices in the market started to fall in late July. The company’s prices at the time were still high at $1,100/tonne FOB
($1 = €0.77)
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