The benchmark FOB Korea toluene marker tumbled to a near six-year low Tuesday, January 6, on sluggish demand amid falling crude oil futures.
The FOB Korea toluene marker was assessed at $537/mt Tuesday, down $46/mt from Monday.
It was last lower March 18, 2009, at $534/mt, data showed.
The marker hit a 2014 high of $1,222/mt on June 26 and has since lost 56% of its value.
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Market sources said the poor demand was due to buyers waiting on the sidelines in expectation of further price falls.
One trader said most aromatics markets were oversupplied at present with no price floor in sight, and toluene prices would likely continue to weaken on the back of persistently weak demand and falling crude oil prices.
February ICE Brent futures have also continued to weaken, with the contract settling at $51.10/barrel Tuesday, down $2.01/b day on day.
– Platts.com
