BP Refinery Blast: Asian toluene prices up slightly

24 March 2005 03:38  [Source: ICIS news]

SINGAPORE (CNI)--Asian toluene markets were quick to react to the news of the fatal explosion at BP’s Texas City refinery, with prices up $10-20/tonne, market sources told CNI on Thursday.

 

A major South Korean producer immediately hiked up offers by $10-20/tonne to $740-750/tonne fob Korea for second half of April material. “We expect bids to increase by $10/tonne to $740/tonne FOB Korea,” said the producer.

 

Second half April deals were concluded at $745-746/tonne FOB Korea earlier in the week, before slipping to $730/tonne FOB Korea on Wednesday. The producer was hopeful that news of BP’s explosion would firm up softening prices, but other traders were more cautious.

 

“We are waiting until later in the day to assess the market sentiment,” said a Chinese trader. “Toluene inventory in China is now between 80,000 and 100,000 tonne, and we are uncertain if the BP blast can strengthen the weakening fundamentals in the Chinese market.”
By: Quintella Koh
+65 6780 4359

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