09 January 2013 23:59 [Source: ICIS news]LONDON (ICIS)--Domestic paraffin wax prices are holding steady this week amid balanced market conditions, sources said on Wednesday.
Producers, buyers and distributors confirm that domestic paraffin wax prices are holding steady at levels largely unchanged from the end of 2012.
“We have no difficulty to sell at this [December’s] level,” said an eastern European supplier.
Demand is steady and European supply sufficient, according to most sources.
Production cuts in the related base oil market have failed to significantly tighten the paraffin wax market, which could have prompted a price rise.
Buyers continue to mention the ongoing low cost of palm wax, a possible alternative to paraffin wax for some applications.
Although not impacting domestic prices in January, buyers say increased product substitution is likely going forward.
Both domestic 52-54C melt point and 56-58C melt point prices were assessed unchanged by ICIS at €1,065-1,105/tonne ($1,401-1,454/tonne) FD (free delivered) NWE (northwest Europe) and €1,120-1,160/tonne FD NWE respectively.
($1 = €0.76)
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