MEG Weekly Report 04 March 2017

Weekly Price Trend: 27-02-2017 to 03-03-2017

• The above given graph focuses on the MEG price trend from 27th Feb to 3rd March 2017.  
• Prices reduced heavily in compare to last week’s closing values. Domestic prices were assessed at the level of Rs.69/Kg for bulk quantity by end of the week.

Booking Scenario

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

• This week domestic prices reduced heavily for bulk quantity. Prices were reduced by Rs.7/Kg for this week and were assessed around Rs.69/Kg for bulk quantity.
• CFR India prices were assessed in the range of USD 1040-1060/MTS. Prices remained unchanged for this week.
• CFR SEA prices for MEG were assessed around USD 825/MT for this week. There has been reduction by USD 40/MTS in compare to last week’s closing values. FOB Korea values for Ethylene were assessed around USD 1295/MTS while CFR China values were assessed around USD 1340/MTS.
• CFR China Propylene values were assessed around USD 960/MTS while FOB Korea prices were assessed around USD 945/MTS.
• Oil prices remained variable throughout his week. Oil prices headed lower on Thursday to log their lowest finish in last three weeks, as U.S. government data showed that domestic crude inventories hit a record production and production edged higher last week.
• As per market sources, the high crude stockpile levels in the U.S. is the one of the major reasons behind oil’s recent inability.
• On Friday, oil prices rose as the United States imposed sanctions on some Iranian individuals and entities.
• The increasing U.S. crude output in recent months has largely offset the continuing production cuts by the OPEC and Russia. The two counterforces are keeping prices in a slim range, said by analysts.
• Market predictors are anticipating that the respite to continue for more weeks with the next major price mover likely to be OPEC’s meeting at the end of May in which members will decide whether to extend the cuts beyond the initial six-month period.
• On Thursday, closing crude values have decreased.WTI on NYME closed at $52.61/bbl, prices have decreased by $1.22/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $1.28/bbl in compared to last trading and was assessed around $55.08/bbl.

$1 = Rs. 66.81
Import Custom Ex. Rate USD/ INR: 67.65
Export Custom Ex. Rate USD/ INR: 66.00