India domestic toluene hits fresh record high at Rs87-88/kg

08 October 2012 10:59  [Source: ICIS news]

SINGAPORE (ICIS)--India’s domestic toluene prices are currently trading at record highs on Monday because of shipment delays and slow discharging of cargoes at the ports, market participants said.

Prices spiked by more than 9% over the weekend to Indian rupees (Rs) 87-88/kg ($1.68-68/kg) ex-tank, from Rs79-81/kg ex-tank on 5 October, amid an acute shortage of prompt supply in the domestic market, they said.

The new numbers beat the previous all-time highs of Rs84.00-85.00/kg ex-tank hit on 20 September.

Buyers were sidelined by the volatile prices.

“Most people are just waiting for prices to fall again,” said an India-based buyer.

Import offers were heard at $1,255-1,265/tonne (€966-974/tonne) CFR India on Monday, though no deals were heard so far, the buyer said.

($1 = Rs51.92 / $1 = €0.77)

By: Jasmine Khoo
+65 6780 4359

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