01 March 2013 07:34 [Source: ICIS news]
SINGAPORE (ICIS)--India's Reliance Industries Ltd (RIL) slashed its toluene list price for the second month by Indian rupees (Rs) 3.00/kg on 28 February, undermined by high import volumes and the soft Asian market, a company source said on Friday.
The new list price is at Rs75.00/tonne ex-work, effective from 1 March, the source said.
“There is too much supply here, mainly due to the large import arrivals,” he said.
Stock levels have been building up at the Indian ports, as lifting was slow, as end-users were disinterested to buy amid ample inventories and the possibility of further price falls, local traders said.
Asia's spot toluene prices were assessed at $1,230-1,240/tonne FOB Korea at the close of trade of 28 February, down by $60/tonne or 4.6% from 1 February, ICIS reported.
As a result, spot prices in India's open domestic market at Mumbai and Kandla were at a seven-month low of Rs74.50-75.00/kg ex-tank on 1 March, down by Rs0.50/kg from the previous day, according to ICIS.
($1 = Rs54.37)
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