During the event, ICIS also showcased our data and market intelligence reports for the global base oils community:
ICIS Base Oils pricing reports
Enhanced ICIS dashboard service
Easier access to all your base oils information needs in a single platform:
The annual review of the global base oils market, prepared by ICIS for its Base Oil & Lubricants series of conferences in 2014 is now ready.
The 28-page publication looks at the major regional markets, new capacities and plant shut downs, price trends and renewable feedstocks for base oils. Content is written by the senior ICIS base oil editors in the UK, Singapore and Houston.
William Lemos is the Managing Editor for Europe. He can be reached by email at William.Lemos@icis.com
Neha Popat is a Market Editor at ICIS. She can be reached by email at Naha.Popat@icis.com
Ross Yeo is a Market Editor at ICIS. He can be reached by email at Ross.Yeo@icis.com
Turkish base oils demand is low because of legal restrictions at ports and new legislation, and is not expected to improve until the second half of January 2014, sources said.
Base oils traders and distributors are becoming increasingly frustrated with the new Turkish port authority as government legislation plunges the market into confusion. Buyers are pulling back on their activities in the Black Sea as a result.
European Group I base oil producers are set to face a challenge in 2014 from an influx of US-produced Group II material.
The year 2013 ushered in the advent of significant changes to global base oils, primarily led by increasing production and use of Group II stocks.
Spot Group I base oil prices in the Middle East markets are likely to see an uptrend in the first half of 2014, supported by improved demand for spot cargoes, market sources said.
Asian base oils producers are preparing to face significant challenges in 2014 as new capacities come on stream globally, putting further pressure on already tight margins for refiners, producers and buyers said.
As uncertainty continues regarding new legislation and port restrictions, demand for Turkish base oils remains low. Market players don’t expect movement until late January.
China has driven growth in the chemical industry since 2008, however this was due to an explosion of credit. Now the country is facing the consequences of its $10 trillion surge and China’s new leaders recognise that an economic revolution is needed to solve this problem.
As part of the ICIS series of free market information, we hosted a webinar on 23 April 2014. A recording of the webinar and presentation slides is available for you to download.