22 January 2013 23:59 [Source: ICIS news]
LONDON (ICIS)--The European Group I base oil export market lacks a clear price direction with increases, decreases and stability all mentioned this week, market sources said on Tuesday.
European export market activity is picking up, but a lack of consensus has emerged on pricing.
There is a discrepancy between individual suppliers because of stock positions and certain traders are willing to pay more than others because of freight rates and quality considerations.
Market sentiment reflects this inconsistency, with bullish and cautious reports heard.
“We do not sell any drop of base oil more than we need to. We are expecting price increases,” said a central European producer.
By contrast a European trader said: “It is a bit of a wide range [of prices] and we have to be careful where and what we buy.”
Ongoing global economic uncertainty is supporting this cautious approach to purchasing, sources said.
European export SN150 prices were assessed stable at $870-905/tonne (€653-679/tonne) FOB (free on board) Europe, by ICIS.
($1 = €0.75)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections