C9 Weekly Report 22 Sep 2018

Weekly Price Trend: 17-09-2018 to 21-09-2018

• The above given graph focuses on the C9 price trend for the current week.
• Domestic prices of C9 increased slightly for this week. Prices were assessed at the level of 62/kg for bulk quantity.

Booking Scenario

INDIA& INTERNATIONAL

• Domestic prices firm for this week. The hike in the values has been particularly due to increase in crude prices in international market and depreciation of rupee against dollar.
• Prices in international market remained firm 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.
• With imposition of US tariffs on China the impact will be hurting the economies of the Asian countries. The effect will come into existence on 24 of this month. Still international market is yet to digest this sanctions, the US government has come up with fresh set of tariffs. The current tariffs are 10% and will rise to 25% from 1st Jan 2019.
• China in response to July sanctions has already imposed tariffs on imports from US. They may plant to retaliate further with this new announcement.
• There are many chemical products which are included in the $200 bn list of tariffs. Benzene, Phenol, Toluene, Petroleum Oils, Ethylene ,Propylene, o xylene, mixed xylene, para xylene, styrene, cumene methanol are some of the crucial chemicals listed in this list.
• To retaliate back China will soon put forth its own lists of products. China has previously announced a 5%-25% tariffs on $60bn worth of US goods as its countermeasure to a further tariff action by the US. The US President has already announced it will impose tariffs on further $267bn worth of Chinese goods if China chose to retaliate again.
• Crude prices are making new heights. On Thursday prices slightly eased with US president urging OPEC to bring prices down. Experts believe that Brent will soon cross the mark of USD 80 after gap of four years. US President would least want the crude prices to go high with mid election in next few months.
• The Iranian sanctions are making hard for the Asian countries which are the consumers of Iranian crude. Many buyers have already cut Iranian purchases ahead of the new regulations. It is unclear whether producers such as Saudi Arabia, Iraq and Russia can compensate for lost supply.
• The Organization of the Petroleum Exporting Countries and other producers, including Russia, meet on Sunday in Algeria to discuss how to allocate supply increases to offset the loss of Iranian barrels.

1$ = Rs. 72.19
Import Custom Ex. Rate USD/ INR:  73.65
Export Custom Ex. Rate USD/ INR:  71.95