01 April 2013 11:02 [Source: ICIS news]
SINGAPORE (ICIS)--India's Reliance Industries Ltd (RIL) has cut its toluene list price for the third successive month, reducing by Indian rupees (Rs) 8.50/kg ($156.60/tonne), or 11.3%, with effect from 1 April, market players said on Monday.
The cut was in response to the high inventories of local and imported materials, coupled with the persistently soft international markets, the market players added.
The new list price now stands at Rs66.50/tonne EXW (ex-works), they said.
The mounting stock levels across the country to an estimated level of 60,000 tonnes as of end-March have resulted in the plunge in spot prices in the local domestic markets to reach a nine-month low of Rs63.50-64.50/kg ex-tank on 22 March.
Asia’s spot toluene prices declined by $126.50/tonne, or 10.4%, over the month of March, according to ICIS data.
“The downward revision was within expectation,” a Mumbai-based trader said.
On 1 April mid-day, discussions in the Indian open domestic market were at Rs66.00/kg ex-tank, players said.
($1 = Rs54.29)
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