06 February 2013 23:59 [Source: ICIS news]
LONDON (ICIS)--The bulk of European domestic paraffin wax prices are holding steady in early February because of balanced market conditions, market sources said on Wednesday.
Although opinion differs on absolute prices, the overall trend is undoubtedly stability.
“It is more or less stable,” said a northwest European buyer.
While demand is unexceptional, it remains steady and supply is sufficient to cover it, sources said.
Widespread production cuts in the related base oil sector are yet to be felt in the paraffin wax market.
Certain buyers said that some substitution to alternatives, such as palm wax, could explain why a paraffin wax supply shortage had not emerged yet.
Although certain suppliers talked of successfully passing price increases through, this was not widely confirmed by other sources.
Only the domestic 56-58C melt point wax range was assessed slightly firmer, based on absolute numbers reported by the market this week.
56-58C melt point wax was assessed up €10/tonne ($14/tonnne) this week to €1,130-1,170/tonne FD (free delivered) NWE (northwest Europe), by ICIS.
52-54C and 60-62C melt point waxes were assessed stable at €1,065-1,105/tonne FD NWE and €1,290-1,330/tonne FD NWE, respectively.
($1 = €0.74)
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