08 February 2010 09:29 [Source: ICIS news]
By Mahua Chakravarty
Trading of toluene would be limited as February is a shorter month and countries like ?xml:namespace>
Local and regional traders said toluene demand from
Toulene, one of the key aromatics with a wide range of applications, is used for making solvents, meant for paints, coatings and thinners. It is also used as an octane booster for gasoline blending, especially in the
“There will be hardly any deals this week, as it is very hard to open LCs [letter of credit] before the holidays next week,” a Chinese trader said.
Traders said high inventories in eastern
Domestic market prices on Monday were at yuan (CNY) 7,100/tonne ($1040/tonne) ex-tank, CNY100/tonne lower than last Friday.
Local traders said a key domestic producer on Monday cut its offers for the south
Local traders and distributors in southeast Asia said trading in countries like
“I think the next round of buying [in southeast Asia] would be in March, as a lot of people have stocks until end February,” a regional trader said.
Regional traders and distributors said buyers in the overall region lost confidence and turned inactive as crude futures dropped to $71/bbl from $78/bbl in the past week.
No negotiations for imports into
A trader based in Mumbai said: “There is fear in the market. People are confused and not able to make any decision.”
Toluene prices in Asia were at $850-865/tonne FOB (free on board)
($1 = CNY6.83)
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