30 January 2013 10:35 [Source: ICIS news]
SINGAPORE (ICIS)--Toluene inventory in east China stood at 45,400 tonnes on Wednesday, nearly triple the level in mid-January, as take-up by domestic downstream end-users has been slowing down ahead of the week-long Lunar New Year holiday, market sources said.
On 15 January, the stock levels were at 16,300 tonnes, according to ICIS China.
“This is a great jump. No wonder, market sentiment is so weak,” a Singapore-based trader said.
“The ports are saturated with lots of cargoes. Importers are becoming more cautious,” a South Korean maker said.
Spot toluene prices were assessed at yuan (CNY) 9,750/tonne ($1,565/tonne) ex-tank in Jiangsu for prompt cargoes on Wednesday, unchanged from Tuesday, according to Chemease, an ICIS service in China.
Chinese markets will be closed on 9-15 February.
Additional reporting by Doris Shen
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