01 June 2012 06:13 [Source: ICIS news]
SINGAPORE (ICIS)--Toluene prices in Asia touched a six-month low on Friday amid a steady decline in crude futures and weak demand in ?xml:namespace>
At midday, toluene prices declined by $10/tonne (€8/tonne) to $1,030-1,040/tonne FOB (free on board)
Prices have plummeted by $170-175/tonne, or by 14%, from the start of May.
Trading on a cost and freight (CFR) basis in the region has also slowed down considerably in the past month, market sources said.
Market sentiment has been bearish among regional sellers and buyers.
Regional toluene importers in
“Everyone [sellers] is caught with high-priced stocks, and they are asking for firm bids,” said a Singapore-based trader.
“Demand? Don’t even ask. It’s bad,” said an Indian trader.
“Nobody is buying [as] the rupee depreciation is still going on…sentiment is quite bad, [and] things are so uncertain,” said a second Indian importer and distributor.
($1 = €0.81)
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