24 September 2013 15:57 [Source: ICIS news]
BANGKOK (ICIS)--India toluene list prices will be reduced by rupee (Rs) 4.00/kg with effect from 25 September because of recent strengthening in the local rupee currency and also to entice buying interest, market players said on Tuesday.
After the reduction, the new list price quoted by the local major – Reliance Industries Limited (RIL) - will stand at Rs78.00/kg ex-work, they added.
The cut in list prices was within expectations but the large decrease has puzzled many local traders.
“I have no idea why RIL has to slash the list prices. Demand is not too bad,” a Mumbai-based trader said.
Spot prices in the west coast were assessed on 24 September’s close at Rs83.00/kg ex-tank at Kandla and Rs85.00/kg ex-tank, according to ICIS.
“We can see that Mumbai prices are holding despite the appreciating in the rupee because of low stock levels,” another Mumbai-based trader said.
The company could not be immediately reached for comment.
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