27 June 2013 22:08 [Source: ICIS news]
HOUSTON (ICIS)--US toluene and mixed xylenes (MX) barge spot prices have reached yearly lows this week, according to trade participants on Thursday.
The yearly lows have mostly been attributed to weak demand and lacklustre energy futures.
In addition to weak demand, trade sources have said the toluene market has been dealing with an influx of supply from Asia.
The lower spot prices for nitration-grade (n-grade) toluene and MX were also in line with the overall drop in benzene barge spot prices, which have also established a yearly low this week.
Current n-grade toluene spot prices were at $3.45-3.60/gal FOB (free on board), which was down from $3.80-3.82/gal FOB at the start of the month.
Meanwhile, current MX spot prices are at $3.75-3.90/gal FOB, down from $4.00-4.05/gal FOB at the start of the month.
Trade participants have said, heading into the US summer driving season, that price direction in the toluene and MX market would largely follow NYMX energy futures in the midst of weak demand.
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