India’s toluene ex-tank prices touch new record high

14 September 2012 09:58  [Source: ICIS news]

SINGAPORE (ICIS)--India’s toluene ex-tank prices touched a new record high of Indian rupees (Rs) 79.00-80.00/kg ($1.42-1.45/kg) this week on the back of improving demand amid the short supply of imported prompt material, market sources said on Friday.

This follows the previous record high of Rs76.00/kg ex-tank on 6 September.

Domestic prices of toluene have been boosted by lacklustre import activity brought about by high CFR India prices at $1,250-1,270/tonne ($963-978/tonne) CFR India, delays in shipments as well as the strong depreciation of the Indian rupee against the US dollar earlier in the year, according to sources.

Domestic demand is good due to the shortage of imported material now, said a local buyer.

The shortage of toluene supply in the domestic market is expected to persist in October, according to market sources.

Looking forward, India’s toluene ex-tank prices prices are expected to stay firm on the back of the tight prompt supply and also firm FOB Korea prices at $1,180-1,200/tonne.

($1 = €0.77, $1 = Rs55.3)

By: Jasmine Khoo
+65 6780 4359

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