04 December 2012 23:59 [Source: ICIS news]
LONDON (ICIS)--European Group I domestic base oil prices have declined between $25-60/tonne (€19-46/tonne) depending on grade this week, amid poor demand, market sources said on Tuesday.
European Group I base oil prices continued to slide as supply outweighed the low market demand.
Domestic prices fell sharply, as sellers competed hard for the limited business on offer.
“It is not dead, but almost,” said a southwest European producer. “People are reducing stocks for the end of year. They are not buying.”
A northwest European producer said: “It is sluggish. People are buying hand-to-mouth.”
Domestic solvent neutral (SN)150 and SN500 prices were assessed down $60/tonne this week to $1,035-1,065/tonne FOB (free on board) NWE (northwest Europe) and $1,055-1,085/tonne FOB respectively by ICIS.
Domestic brightstock prices were assessed down $25/tonne to $1,160-1,190/tonne FOB.
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