Asia toluene slides $30-35/tonne on weak crude

16 September 2008 05:59  [Source: ICIS news]

SINGAPORE (ICIS news)--Asian toluene touched a seven-month low on Tuesday, falling $30-35/tonne within a day on a drop in crude and US gasoline values, said traders and a broker.

Prices were assessed at $940-950/tonne FOB (free on board) Korea on Tuesday, down $30-35/tonne from Monday’s close, hitting the lowest seen since 22 February this year.

Buyers stayed away and watched from the sidelines as the downfall that has seen a hefty loss of $260/tonne since 23 July 2008 continued.

The latest drop in prices was partly due to the sharp fall in crude values during overnight trading to $93/bbl, said market participants.

Crude futures fell to a new seven-month low on Tuesday, with WTI touching $92.01/bbl, amid continued turmoil in the financial markets and concerns over the longer term impact on the global economy and the demand for energy.

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By: Mahua Chakravarty
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