US spot toluene prices reached a near three-month low assessment Thursday at $3.75/gal ($1,140/mt) FOB US Gulf Coast.
Spot prices were last seen at this level on July 9, according to Platts data.
Sources said the downward pressure on toluene spot prices was due to imports from Europe and Asia, adding that arbitrage opportunities were attractive for Europe, but not so attractive for Asia.
With the European assessment at $1,117/mt FOB Amsterdam-Rotterdam-Antwerp and the Asian assessment at $1,129/mt FOB Korea and $1,148/mt CFR China, both arbitrage windows were closed on paper as of Thursday, based on Platts data.
Market participants maintained a bearish short-term outlook on toluene amid long supply.
Spot prices have fallen 20 cents/gal ($60.80/mt) this week and a total of 48 cents/gal ($145.92/mt) since September 13, when toluene was assessed at $4.23/gal, based on Platts data.
