India domestic toluene prices rebound from three-month low

22 January 2013 10:43  [Source: ICIS news]

SINGAPORE (ICIS)--Spot toluene prices in India’s domestic open market were trading higher on Tuesday, in line with firm values in the regional market, traders said.

Imported cargoes were booked in the domestic market at Kandla and Mumbai at Indian rupee (Rs) 78.50-79.00/kg ($1,460-1,469/tonne) ex-tank, at midday, slightly higher than the Rs78.00-78.50/kg ex-tank price range on Monday afternoon, they said.

Prices started to rebound late on Monday after hitting a three-month low of Rs77.50-78.00/kg ex-tank, they said.

At the close of trade on Tuesday, spot prices in Asia were assessed at $1,330-1,340/tonne (€998-1,005/tonne) FOB Korea, unchanged from the previous day, according to ICIS.

“Fundamentally, we expect prices in India to be on the lower side, given the long supply. But firmer international prices do prevent further downward price movement here,” another Mumbai based trader said.

About 21,000 tonnes of toluene has reached the Mumbai and Kandla ports in December 2012. The volume of imports was much higher than the monthly average of 15,000-16,000 tonnes in 2012, traders said.

“This [price] rebound maybe short-lived,” the Mumbai-based trader said.

($1 = Rs53.78 / $1 = €0.75)

Author: Ong Sheau Ling

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