16 October 2013 11:55 [Source: ICIS news]
SINGAPORE (ICIS)--Spot toluene prices fell to a 12-week low on Wednesday, tracking losses in the Chinese, Indian and US markets, traders said.
At the close of trade, toluene was at $1,110-1,120/tonne (€821-829/tonne) FOB (free on board), down by $2-5/tonne from Tuesday.
Prices may continue to fall if crude prices remained soft given weak demand and abundant supply in the region, market players said.
Chinese players are expecting prices to weaken further for the rest of October. Local traders are due to deliver several physical cargoes for November that would keep appetite for spot forward-month shipments to a minimum, they said.
In India, major producer Reliance Industries cut its list price for toluene by rupees (Rs) 4.00/kg on 15 October.
($1 = €0.74)
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