Asia toluene slips below $1,000/tonne FOB Korea

10 September 2008 04:33  [Source: ICIS news]

SINGAPORE (ICIS news)--Asia’s toluene prices dropped to a six-month low and below the psychological $1,000/tonne mark on Wednesday in line with falling crude values, according to global chemical markets intelligence service ICIS pricing.

Prices slipped to $990-1,000/tonne FOB (free on board) Korea, $20/tonne lower than Tuesday’s close, and in line with a decline in crude values to $102/bbl.

This is the lowest level seen for Asian toluene since 11 March 2008, when prices were assessed at $995-1,000/tonne.

An offer for October loading material was heard at $1,000/tonne but no bids have surfaced as yet.

The bid-offer gap for November loading cargoes was wide with an offer heard at $1,010/tonne countered by a bid at $980/tonne.

Toluene prices in Asia have been on a downtrend since the beginning of July and have plummeted by $270-275/tonne on falling crude values and weak demand from the key market of China.

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By: Mahua Chakravarty
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