Asia toluene at 11-week low on bearish sentiment, high stocks

12 June 2013 11:45  [Source: ICIS news]

SINGAPORE (ICIS)--Toluene prices in Asia closed at an 11-week low on Wednesday, amid bearish sentiment, with no near-term recovery seen for downstream solvent and gasoline demand, market players said.

Stocks of the aromatics product are also high in the key consuming markets of China and India, they said.

Spot toluene prices were assessed at $1,090-1,105/tonne (€818-829/tonne) FOB (free on board) Korea for second-half June and July cargoes, and at $1,100-1,110/tonne for August parcels on Wednesday, down by $10/tonne from Tuesday, according to ICIS.

“Prices just keep dropping. It’s so bearish,” a trader based in South Korea said.

In afternoon trade, an August cargo was concluded at $1,100/tonne FOB Korea, down from morning discussions in the range of $1,107-1,112/tonne FOB Korea, market players said.

“We can’t really understand why the steep fall, especially [when] the Chinese are not around,” a Singapore-based trader said.

The Chinese market is closed for public holiday on 10-12 June.

($1 = €0.75)


Author: Ong Sheau Ling



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