Base oil demand was fairly steady, but not robust as most buyers were still trying to assess product needs for the next few months. With uncertainties related to the pandemic and supply chain disruptions still plaguing the market, participants said that it was difficult to forecast requirements in the long term. However, February was likely to see an uptick since blenders traditionally begin to stock up for the spring production cycle.
A large number of consumers have opted for increasing the volumes acquired under contract in 2022 and most were expected to take their allotted quantities in coming weeks. Domestic spot business was not as solid, sources commented.
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