07 May 2013 23:59 [Source: ICIS news]
LONDON (ICIS)--European Group I base oil export prices are stable this week amid balanced market conditions, sources said on Tuesday.
Most trade activity and discussions are taking place at prevailing prices.
There is demand evident in various regions including parts of Asia, while export supply is sufficient.
European producers see a good level of enquiries for brightstock and this week a deal to the Middle East was confirmed.
“The demand for the brightstock is still strong,” said a south European producer.
“It means that the market is still there.”
In general, the bearish sentiment that was evident across the Group I market during much of April has eased, supported by higher upstream prices in recent weeks.
European brightstock export values were assessed stable at $1,090-1,125/tonne (€828-855/tonne) FOB (free on board) Europe this week, by ICIS.
($1 = €0.76)
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