04 June 2012 05:30 [Source: ICIS news]
SINGAPORE (ICIS)--Toluene prices in Asia plunged below $1,000/tonne (€810/tonne) FOB (free on board) Korea for the first time in 16 months on the back of a downturn in Brent crude futures over the weekend and poor demand in the region, said market participants on Monday.
Prices were assessed at $965-980/tonne FOB ?xml:namespace>
Offers for cargoes loading in the second half of June and July were lower at $980/tonne and $975/tonne FOB
Offers for August-lifting lots at $970/tonne FOB
Prices were tracking the sharp falls in crude futures, while demand is weak from
The market may see further downside in the near term if crude and naphtha continue to fall, they added.
Demand for toluene from regional buyers has been weak in recent weeks, adding further downward pressure on the market, they said.
“In terms of numbers, [it] looks cheap… but still the naphtha-toluene spread is ok, so suppliers [are] happy to sell,” said a Singapore-based trader.
However, the regional importers in
Toluene prices in
($1 = €0.81)
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