Toluene prices in India showed downtrend due to slow demand in the domestic market. Current toluene prices in the Indian market noticed around Rs 58/kg down by Rs 7/kg in last two weeks.
RIL declined its manufactured toluene price by Rs 8.45/kg to Rs 57/kg.
Asia toluene was assessed up on the back of crude rise and in line with higher domestic price levels in China. Domestic toluene cargoes in China were heard sold at Yuan 6,150/mt, up Yuan 50/mt from Thursday, but down almost CNY 600/mt on week.
This was equivalent to $723.56/ mt on an import parity basis, sources said, after deducting CNY 100/mt for tank charges. ICE January Brent crude oil futures rose $1.10/b day on day but fell $3.93/bbl on the week to $67.69/b at 0830 GMT in Asian trade Friday.
Inventories were heard stable in China week on week, at 20,000 mt in the east and 6,000 mt in the south. However, buying interest was thin as market participants were largely adopting a wait-and-see approach.
Although upstream naphtha and crude oil futures regained some lost ground on Friday, it failed to bolster demand or sentiment in the weekly toluene market on the back of high inventories. Both producers and traders concurred they were unable to sell, as buyers held back purchases expecting prices to fall.
The FOB Korea marker was assessed at $650.50/mt FOB Korea, up $1.50/mt day on day. The marker takes the average of the third and fourth half-month laycans, currently H2 December and H1 January.
During the CSG Market on the Close assessment process, no bids, offers or deals were seen. Earlier, a January bid was heard at $650/ mt FOB Korea, January was assessed at $651/mt FOB Korea while H2 December was assessed at $650/mt FOB Korea, changing the H2 December/January market structure from a backwardation to a contango.
The CFR China markers were assessed at $690.50/mt, up $1.50/mt in line with price gains in the domestic market.