15 January 2013 23:59 [Source: ICIS news]
LONDON (ICIS)--The European Group I base oil market lacked a consistent price trend this week, as movements ranged from decreases to increases, depending on location and grade, market sources said on Tuesday.
This week saw price stability in the European domestic base oil market, but increases in the Black Sea and Baltic Sea.
Meanwhile, a slight reduction on one European export price reference was also assessed this week following a confirmed deal.
The lack of consistent price direction is a result of the market uncertainty that still remains after the fourth quarter of 2012, which saw demand stall and prices tumble.
Although sentiment has improved, according to most reports, demand remains varied.
“I still do not see much action,” said a southwest European producer.
By contrast a Russian supplier said: “Now all buyers are ready to go up with the market.”
Black Sea SN150 prices were assessed up $5-10/tonne (€4-8/tonne) this week to $860-885/tonne FOB (free on board), by ICIS.
European export SN150 prices were assessed down $5/tonne at the low end to $870-905/tonne FOB.
($1 = €0.75)
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