China’s toluene June import volumes hit 15-month high

27 July 2012 04:21  [Source: ICIS news]

SINGAPORE (ICIS)--China’s toluene imports hit a 15-month high at 80,873 tonnes in June, because of delays in customs clearance and the diversion of Asian cargoes to the Chinese market amid weak demand, market sources said on Friday.

Imports rose to 80,873 tonnes of toluene in June, up by 108% month on month, with an average import price of $1,214/tonne (€983/tonne), according to data from China Customs.

The delivery of many late May cargoes were rescheduled to early June because of a delay in customs clearance. This led to a rise in the import statistics for June, according to market sources.

Furthermore, some Chinese traders who took a long position in Asia’s toluene export market in May had to sell their Asia-origin cargoes to the Chinese domestic market because of weak demand. This resulted in the arrival of more than 15,000 tonnes of toluene to China in June, according to Chinese importers.

About 86.34% of the total toluene cargoes arrived in June was delivered to Nanjing, 10.10% reached Huangpu, 3.54% went to Shanghai and 0.02% was sent to Tianjin, according to the data.

($1 = €0.81)

By: Ariel Chen

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