05 October 2012 07:09 [Source: ICIS news]
By Jasmine Khoo
SINGAPORE (ICIS)--India’s domestic toluene prices are expected to be stable-to-firm for the rest of the month in spite of recent weakness, as lower-than-usual volume of imports has been keeping supply tight, market participants said on Friday.
Prices came off by Indian rupees (Rs) $4-5/kg ($77-97/tonne) from an all-time high of Rs 84-85/kg ex-tank hit 20 September as new shipments arrived at the ports of Kandla and Mumbai.
“The cargoes, which just came in, met the immediate needs of the end-users, which brought prices down,” said a buyer.
On Thursday, domestic toluene prices in ?xml:namespace>
This month, around 8,000-10,000 tonnes of imported toluene are expected to arrive in
“Port inventories are still very, very low. Most of the cargoes, which just came in, were snapped up immediately,” one of the buyers said.
It had been taking in lower-than-normal volumes as the depreciation of the Indian rupee in July made imports more expensive.
“Importers are buying around 50% of what they usually buy,” a market source said.
In August and September,
“Congestion at the ports and delays in shipments exacerbated the tight supply situation,” another market source said.
($1 = €0.77 / $1 = Rs51.75)
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