12 March 2013 23:59 [Source: ICIS news]
LONDON (ICIS)--European Group I domestic base oil prices are holding steady this week as producers continue to bemoan current margins, sources said on Tuesday.
European domestic Group I prices are stable this week following increases at the start of the month.
Several European base oil producers continue to operate at reduced rates because of poor margins and are keen to raise price levels further.
However, ongoing poor finished lubricant demand downstream, stable prices being offered by certain competitors and recent declines in vacuum gasoil (VGO) values upstream, all combined to see prices stagnate this week.
“The [lubricant] blenders market is not there. They are still suffering from the economic crisis,” said a northwest European producer.
“The uncertainty is still there,” said a European buyer/trader.
European domestic solvent neutral (SN) 150 prices (volumes of 500 tonnes and above) were assessed stable at $1,050-1,080/tonne (€809-832/tonne) FOB (free on board) NWE (northwest Europe) this week, by ICIS.
($1 = €0.77)
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