NewsFlashAsia toluene hits $1,200/tonne on crude

21 May 2008 10:18  [Source: ICIS news]

SINGAPORE (ICIS news)--Asia toluene hit a 14-year high of $1,200/tonne on the back of record crude values, traders said on Wednesday.

A South Korean producer bought a July cargo on an FOB (free on board) Korea basis during open market trading, the traders said.

Prices were assessed at $1,180-1,200/tonne FOB Korea, $20-25/tonne higher than the previous day's close, according to global chemical market intelligence service ICIS pricing.

Earlier in the day, a wide gap in buy-sell expectations could be seen with offers for July loading cited at $1,200/tonne FOB Korea against bids at $1,180/tonne FOB Korea.

An even wider gap was seen for prompt second-half June cargoes with an offer heard at $1,200/tonne FOB Korea against a bid at $1,155/tonne FOB Korea.

Along with fresh crude highs at $129/bbl, the overnight hike in US and European toluene prices supported the Asia increase, they added. 

($1 = €0.64)

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