08 January 2013 23:59 [Source: ICIS news]
LONDON (ICIS)--A clear price direction is yet to emerge on the European Group I base oil market this week amid limited trade, market sources said on Tuesday.
Group I base oil prices fell steadily during the fourth quarter of 2012 because of imbalanced supply-demand.
However, price indications are unchanged this week amid limited trade, with many participants just returning from holidays on Monday 7 January.
Ongoing holidays in Russia and some neighbouring countries are limiting export sales out of the Baltic Sea and Black Sea this week.
Exporters note improved levels of interest from markets like Turkey, but buyers and traders are adopting a wait and see position to actual deals, pending a clear pricing signal.
“There is some demand in Turkey and other destinations, but the market is still very quiet,” said a southwest European producer.
Domestic solvent neutral (SN) 150 prices were assessed stable at $1,035-1,055/tonne (€787-802/tonne) FOB (free on board) NWE (northwest Europe) and export SN150 unchanged at $875-905/tonne FOB Europe.
($1 = €0.76)
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