20 September 2012 11:36 [Source: ICIS news]
India’s domestic toluene prices rose by Indian rupees (Rs) 2.00/kg ($0.04/kg) from the previous day to Rs84.00-85.00/kg ex-tank on 20 September, while Brent crude futures fell to $107/bbl from $116/bbl in a span of three days, according to ICIS data.
“The market is going crazy, it is just chaotic. People having cargoes on their hands are just pushing the prices up very, very high,” an India-based importer of toluene said.
While prices in the regional FOB
Normal inventory levels of toluene cargoes at the Kandla ports are around 15,000 tonnes, while the current inventory level is estimated to be only 3,000-3,500 tonnes, said the source.
However, market participants said that this situation was temporary as another 6,000-8,000 tonnes of toluene are expected to reach
($1 = Rs53.99)
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