Asia toluene hits 5-year low of $400/t

21 November 2008 09:30  [Source: ICIS news]

SINGAPORE (ICIS news)--Asia’s toluene values breached the $400/tonne level on Friday afternoon - the lowest seen since July 2003 - on lower crude values, traders and producers said on Friday.

A deal was reported at $390/tonne FOB (free on board) Korea for H2 December loading, with the buyer being a Korean producer.

Prices went below the $400/tonne FOB Korea level for the first time since July 2003, according to global chemical market intelligence service ICIS pricing.

Lower crude values, which touched $49/bbl during overnight trading, was one of the key factors in Friday’s downturn in values, said traders and producers.

Some traders said the downturn seen this week came as a surprise, as demand from China - the largest market - was still active.

But other traders and buyers said that end-users in China and other parts of the region continue to suffer from the impact of the global economic downturn, which leaves the market fundamentally weak.

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

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