01 February 2013 10:41 [Source: ICIS news]
SINGAPORE (ICIS)--India's Reliance Industries Ltd (RIL) cut its list price for toluene by rupee (Rs) 6.00/kg ($113/tonne) on Friday, following recent weakness in the international market and amid a stronger local currency, a company source said.
Its toluene list price now stands at Rs78.00/kg ex-work , the source said.
“Prices are adjusted in accordance to the softer FOB (free on board) Korea prices,” he said.
Asia's spot toluene prices were assessed at $1,282-1,295/tonne (€949-958/tonne) FOB Korea at the close of trade on 1 February, down by 5.7% from the previous month, according to ICIS.
“Such a huge drop [in Reliance’s list prices] of about $110/tonne will definitely weigh on the open market price further,” a Mumbai-based trader said.
Spot prices in India's open domestic market at Mumbai and Kandla were at a five-month low of Rs76.00-76.50/kg ex-tank on 1 February, down by Rs0.50/kg from the previous day, according to ICIS.
($1 = Rs53.28 / $1 = €0.74)
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