23 April 2013 23:59 [Source: ICIS news]
LONDON (ICIS)--European Group I domestic base oil prices held steady this week amid a quiet market, sources said on Tuesday.
Spot prices are unchanged this week on both the domestic barge and truck markets.
According to most sources, demand is stable at a low level.
“From a trader’s perspective, it is really boring,” said a European trader.
Buyers expect lower base oils values, but refineries are likely to resist declines in the short-term, after a long period of pressurised margins.
The increased presence of imported Group II base oils from the US and Asia is also playing a part in the sluggish Group I market.
“There is definitely more Group II. We have swung a lot of Group I [offtake] into Group II,” said a northwest European buyer.
European domestic solvent neutral (SN) 150 prices (volumes of 500 tonnes and above) were assessed steady at $1,065-1,095/tonne (€820-843/tonne) FOB (free on board) NWE (northwest Europe) this week, by ICIS.
Domestic spot truck SN150 prices were also assessed unchanged at €830-870/tonne FCA (free carrier) NWE.
($1 = €0.77)
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