– Domestic Chinese prices unchanged on day
– Demand picking up ahead of gasoline season
(CORRECTION: This corrects the first line of the March 1 commentary, the correct sentence is as follows ‘The CFR China was assessed at $662/mt Tuesday, up $8.50/mt from Tuesday’) Demand in the Asian toluene market was expected to improve in the near term, in the months leading up to the peak gasoline blending season in July to September. Trading activity was muted Tuesday as it was the beginning of the week and market participants had yet to begin discussions in earnest. Domestic Chinese prices were assessed at Yuan 5,320/mt Tuesday, unchanged from Tuesday, or $653.26/mt on an import parity basis. April bids were heard from $635-$639/mt FOB Korea, but attracted no selling interest. The best offer was heard at $655/mt FOB Korea later Tuesday. The CFR China market was quiet, with thin discussions heard. An offer was lowered from $675/mt CFR China to $672/mt CFR China, but failed to attract any buying interest.
The FOB Korea marker was at $640/mt FOB Korea Tuesday, stable from last Tuesday. The marker takes the average of the third and fourth half-month laycans, currently H1 and H2 April. No transparent bids or offers were seen during the MOC process Tuesday. An April bid was heard at $639/mt FOB Korea against an offer at $655/mt FOB Korea, and was subsequently assessed at $640/mt FOB Korea, within the bid and offer. An April offer was heard at $672/mt CFR China, the CFR China marker was assessed at $662/mt Tuesday, unchanged from Tuesday. CORRECTION (This corrects the March 1 rationale, the correct rationale is as follows: The CFR China marker was assessed at $662/mt Tuesday, up $8.50/mt from Tuesday)