For the past few weeks, the Base Oil prices in the US market have remained unchanged due to the ongoing negotiations regarding the revised offered quotations. However, after holding relatively steady, the market finally snapped, experiencing a significant surge of x.xx during the week ending March xxxx. This uptick was attributed directly to the relentless rise in Crude oil prices, the key feedstock for Base Oil production which has placed immense pressure on production costs. With their margins shrinking due to the rising cost of raw materials, several players were forced to re-evaluate their pricing structures. To maintain profitability in a tightening market, a significant number of paraffinic Base Oil producers and refiners implemented price hikes between March xxth and March xxnd, xxxx.
After witnessing the wait-and-see approach, the Base Oil prices have finally surged by a greater margin during the week ending March xxxx on...
