Pockets of brisk activity occurred in most countries in Asia, while others started to feel the typical slowdown of the weeks leading to the year-end holidays. In petrochemical stock markets, prices were up earlier in the week on optimistic sentiment as Joseph Biden Jr. was appointed president-elect of the United States, following a contentious election.
Demand for base stocks continues to be described as quite strong in India, despite the imminent start of the Diwali festival, with buyers looking far and wide for product as spot supplies from the United States have mostly dried up, with the exception perhaps of one or two cargoes that have been concluded over the last two weeks. It was heard that a large U.S. API Group II producer had sold about 10,000-metric tons to India, which was due to be lifted this week. This sale allowed the supplier to gain a more balanced supply position, according to sources.