08 October 2012 11:28 [Source: ICIS news]
DUBAI (ICIS)--European Group I base oil export prices are expected to hold steady in the short term as competitively-priced Asian supplies limit any upward movement, a trader said on Monday.
Speaking on the sidelines ahead of the ICIS Middle East Base Oils and Lubricants Conference in ?xml:namespace>
As a result, some European producers may opt to cut base oil production rates.
“I think prices will stay stable-ish and then they [European producers] will cut runs,” it said.
Uncertain global base oil demand was also impacting European prices.
The trader said movement is improving in the Middle East and
A different trader said: “The overall global demand picture is why we are where we are.”
European solvent neutral (SN)150 and SN500 export prices were assessed stable last week by ICIS at $1,025-1,050/tonne (€789-809/tonne) FOB (free on board)
($1 = €0.77)
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