01 June 2012 05:41 [Source: ICIS news]
SINGAPORE (ICIS)--Toluene prices in east ?xml:namespace>
Toluene prices in east
Some toluene traders took short positions amid bearish sentiment in the crude market. Many July-August toluene futures were sold at CNY8,200-8,300/tonne ex-tank Zhangjiagang in the second half of May, which put downward pressure on toluene prices, a trader said.
Downstream producers stayed on the sidelines because of the ample supply and an uncertain price outlook, a trader said.
Most of the cargoes were imported at a cost of $1,235-1,240/tonne CFR (cost & freight)
About 60,000-70,000 tonnes of import cargoes will arrive in east
Most traders have suffered large losses at CNY400-600/tonne. Slight losses are usually at CNY100-200/tonne, according to market sources.
The decline in toluene prices maybe limited in June if crude prices stabilise, another trader said.
WTI crude prices were at $86.53/bbl on the close of trade on 31 May.
($1 = CNY 6.37)
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