MEG Weekly Report 04 August 2018

Weekly Price Trend: 30-07-2018 to 03-08-2018

• The above given graph focuses on the MEG price trend from 30thJuly to 3rd August  2018.  
• Prices remained stable-to-firm for this week. Domestic prices were assessed at the level of Rs.70/Kg for bulk quantity.

Booking Scenario

The above chart shows the international prices of MEG and its comparison from the previous prices.
INDIA & INTERNATIONAL

• This week domestic prices remained soft for bulk quantity. Prices were assessed at the level of Rs.69 /Kg for bulk quantity.
• CFR China values were assessed around USD 930-950/MT, increased by USD 30/MT for this week. CFR South East Asia assessed around USD 970/MT.
• FOB Korea values for Ethylene were assessed around USD 1340MT, while CFR China values were assessed around USD 1350/MT and CFR South East Asia values were assessed around USD 1240/MT.
• On other side Propylene market increased for this week. FOB Korea values were assessed around USD 1075/MT while CFR China values were assessed around USD 1085/MT.
• This week oil prices have followed mixed trend. On Thursday oil prices traded slightly higher, reversing course after a report that crude stockpiles at the U.S. storage hub at Cushing, Oklahoma fell in the latest week.U.S. stockpiles have been in the spotlight because they rose unexpectedly last week, stoking fears that the market is becoming oversupplied.
• On Thursday, closing crude values have increased. WTI on NYME closed at $68.96/bbl. Prices have increased by $1.30/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $1.06/bbl in compare to last closing price and was assessed around $73.45/bbl.
• As per market report, oil prices are feeling the effects of tensions over global trade, which could cause economic growth to slow.
• Trump has turned up pressure on China for trade concessions by proposing a higher 25 percent tariff on $200 billion of Chinese imports and China has said it will retaliate.
• "It is almost certain that China will impose additional duties on oil and refined products imported from the U.S. if the Trump administration implements additional tariffs on the next tranche of Chinese goods. This could severely dent the competitiveness of U.S. oil and derivatives in the Chinese market.

$1 = Rs. 68.60
Import Custom Ex. Rate USD/ INR: 69.25
Export Custom Ex. Rate USD/ INR: 67.55