SINGAPORE (ICIS)--Spot toluene prices in Asia fell below $1,000/tonne on Monday, dragged down by tumbling values of naphtha and other aromatics products, such as benzene and paraxylene (PX), market sources said.
At midday, December offers went to as low as $997/tonne FOB (free on board) Korea, with a deal concluded at a lower price of $995/tonne FOB Korea, according to ICIS data.
November prices were assessed as $997-1,002/tonne FOB Korea – the lowest levels recorded since end-June 2012, ICIS data showed.
“Prices just keep [on] falling,” a South Korean trader said.
“In order to keep a decent spread to naphtha and TDP (toluene disproportionation) margins, toluene has to come down,” a Singapore-based trader said.
At noon, open-spec second-half November naphtha prices were at $728-731/tonne CFR (cost and freight) Japan, down 50 cents-$1.50/tonne from 10 October.
Spot benzene prices were at $1,130-1,144/tonne FOB Korea at midday, while PX offers for November was at $1,125/tonne FOB Korea, according to ICIS.