C9 Weekly Report 06 Oct 2018
Weekly Price Trend: 01-10-2018 to 05-10-2018
- The above given graph focuses on the C9 price trend for the current week.
- Domestic prices of C9 remained firm and have increased significantly for this week. Prices were assessed at the level of 64/kg for bulk quantity.
Booking Scenario
INDIA& INTERNATIONAL
- Domestic prices increased heavily for this week. The rise has been in all major petrochemical products in domestic market on back of limited supply along with rising of crude prices.
- Prices in international market remained stable for this week. CIF India prices were assessed at the level of USD 870-890/MTS in this week. Prices remained unchanged for this week.
- Declining Indian currency is creating new records against dollar and is also one of the main reasons for rise in petrochemical prices.
- There has been heavy fluctuation in crude prices in this week. As the month of November is approaching fast the heat of sanction felt in the crude values across the world.
- On Thursday crude prices plunged due to rise in the inventory levels in US. But this hike was again pulled back on Thursday. Saudi Arabia and Russia has stated they will increase the crude supply but could not fill the void created by disruption of supply from Iran.
- With short supply from the price for crude is likely to reach a mark of $90 to $100 per barrel. On Wednesday, Saudi Energy Minister Khalid al-Falih said the kingdom was pumping near record levels and would raise output in November. Saudi Arabia is one of the few countries with the ability to significantly raise output. Many experts believe that the spar capacity of specified by Saudi is merely a statement but does exist in reality.
- On Thursday, closing crude values have decreased. WTI on NYME closed at $74.33/bbl. Prices have decreased by $2.08/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $1.71/bbl in compare to last closing price and was assessed around $84.58/bbl.
1$ = Rs. 73.78
Import Custom Ex. Rate USD/ INR: 74.60
Export Custom Ex. Rate USD/ INR: 72.90
