NewsFlashAsia toluene crosses $1,200/t record

22 May 2008 04:27  [Source: ICIS news]

SINGAPORE (ICIS news)--Asia’s toluene prices went past the $1,200/tonne level on Thursday morning, setting a new 14-year high, supported by the overnight surge in crude values to fresh highs above $134/bbl, as per global chemical market intelligence service, ICIS pricing.

Bids and buying indications for July loading cargoes were on the rise from the start of Thursday’s trading from $1,195-1,200/tonne FOB (free on board) Korea and were at $1,210/tonne before mid-day.

An offer for July shipment was cited at a high of $1,250/tonne, reflecting soaring selling ambition.

Prices were assessed at $1,210-1,220/tonne, $20-30/tonne higher than Wednesday’s closing price.

"I cannot imagine to what level prices can go up now as crude is going up," said a South Korean trader.

Prices have surged this week on the continued escalation in crude values and have risen by at least $60/tonne until mid-day on Thursday.

For more on toluene visit ICIS chemical intelligence
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By: Mahua Chakravarty
+65 6780 4359

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