The US Base Oil market has experienced a pressure on prices throughout January xxxx despite the higher freight charges in the overseas markets. This downtrend was attributed to the combination of weak demand and ample supply of Base Oil in the regional as well as international markets. While several suppliers haven&#xx;t seen significant changes in demand compared to December, others report some improvement, suggesting customers might be restocking after depleting inventories in February xxxx. However, as per the reports, the downstream automotive sector remains sluggish, and blenders remain cautious about acquiring raw materials.
While global shipping and logistical turmoil continue to grip market participants, the market for Base Oil has been continuously declining with a drop of xx to settle at USD xxxx/ tonne for Base Oil Group II H xxx FOB Texas, USA during January xxxx. Both blenders and finished product manufacturers...
