No pre-Lunar New Year price spike for Singapore Group 1 base oils

28 January 2013 06:09  [Source: ICIS news]

SINGAPORE (ICIS)--Singapore’s benchmark prices for Group I base oils have been steady for the past two weeks, as poor demand is hampering a seasonal increase in values of the material ahead of the Lunar New Year holiday, market sources said on Monday.

Supply, on the other hand, is ample.

SN150 were at $980-1,010/tonne (€723-747/tonne) ex-tank Singapore, while SN500 stood at $1,030-1,080/tonne ex-tank Singapore. Brightstock, on the other hand, were at $1,100-1,130/tonne ex-tank Singapore, they said.

Majority of domestic blenders in Singapore refrained from replenishing their base oils inventory given an uncertain market trend post the Lunar New Year, market sources said.

The Lunar New Year, which falls on 10 February in 2013, is celebrated in most parts of the northeast and southeast Asia. In China, the markets will be closed for a full week on 9-15 February for the festivity.

($1 = €0.74)

By: Serena Seng

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