Singapore bunker prices were steady on Wednesday but their premium to fuel oil cargo values slipped to below $3 a tonne, as suppliers slashed offers to spur demand, traders said.
Prices for 380-centistoke (cst) bunker fuel were pegged at $331-$333 a tonne, unchanged from Tuesday's Asian close, with the differential to fuel oil at $2.75 a tonne, down from 50 cents.
"Demand has not been good and sellers are cutting offers to spur buying interest. There's some congestion and not many prompt deals are done," a Singapore-based bunker trader said. "Most of the offers are for further-out delivery dates, after this week. Even then, there's not been that much demand."