Asia toluene plunges to 13-week low on bearish sentiment

30 January 2014 05:00  [Source: ICIS news]

SINGAPORE (ICIS)--Spot toluene prices landed on a 13-week low, as a result of bearish sentiment stemming from poor demand fundamentals, market players said on Thursday.

On 30 January mid-day, spot prices were assessed at $1,083-1,085/tonne FOB (free on board) Korea for February and $1,090-1,095/tonne FOB Korea for March cargoes, according to ICIS.

Spot prices have been on a downtrend since early December, shedding a cumulative amount of close to $100/tonne to date, ICIS reported.

Declining downstream paraxylene (PX) numbers, coupled with absence of Chinese buyers amid poor solvent and gasoline blending demand attributed to bearish sentiment, players said.

Mounting inventories across China and even South Korea worsened the supply-demand fundamentals, players added.

Author: Ong Sheau Ling

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