13 March 2013 23:59 [Source: ICIS news]
LONDON (ICIS)--Domestic paraffin wax prices are holding steady this week amid declining values upstream, market sources said on Wednesday.
Domestic prices saw a modest rise last week, but the steady decline of vacuum gasoil (VGO) values upstream has seen some steam come out of the market.
VGO prices have declined by up to $60/tonne (€46/tonne) over the past two weeks, according to latest figures.
“Looking at VGO, prices have decreased so [there is] no reason to raise prices again,” said a northwest European paraffin wax buyer, which accepted an increase from one supplier earlier this month.
Amid largely balanced market conditions, there is little justification for further increases at present, sources said.
Domestic 52-54C melt point wax was assessed unchanged at €1,090-1,130/tonne FD (free delivered) NWE (northwest Europe), this week by ICIS.
($1 = €0.77)
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