MEG Weekly Report 17 Feb 2018

Weekly Price Trend: 12-02-2018 to 16-02-2018

• The above given graph focuses on the MEG price trend from 12th Feb to 16th Feb 2018.  
• Prices reduced for this week on back of abundant supply in domestic market. Domestic prices were assessed at the level of Rs.70.5/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 weak for bulk quantity. Prices were assessed at the level of Rs.70.5/Kg for bulk quantity.
• CFR China values were assessed around USD 1000-1020MT, reduced by USD 15/MTS in compare to last week’s assessed values.
• CFR South East Asia assessed around USD 1015/MT reduced by USD15/MTS in compare to last week’s closing values.
• FOB Korea values for Ethylene were assessed around USD 1255/MT, reduced by USD 30/MTS while CFR China values were assessed around USD 1305/MT, reduced by USD 10/MTS in compare to last week’s closing values.
• Propylene market has also been witnessing firmness in prices. FOB Korea values were assessed around USD 1055/MT while CFR China values were assessed around USD 1110MT. With maintenance scheduled in the month of January more progression in values will take place in next few months in Asian markets.
• There has been significant hike in the values of MEG in Asian market in last one month. In the first week of January CFR China values were assessed around USD 975/MT while CFR SEA values were assessed around USD 980/MT. In one month period prices increased by USD 50/MT and were assessed around USD 1025/MT while CFR SEA prices were assessed at the level of USD 1030/MT. This hike has been due to stock piling of MEG for Lunar holidays in Chine and other south Asian countries.
• China market remained closed due to Lunar holidays. The activities will resume only after 21st Feb 2018.
• This week oil prices have followed volatile trend. Oil prices extended gains on Thursday as a weak dollar and supportive comments from Saudi Arabia outweighed record U.S. production and rising inventories.
• On Thursday, closing crude values have remained mixed. WTI on NYME closed at $61.34/bbl; prices have increased by $0.74/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.03/bbl in compared to last trading and was assessed around $64.33/bbl.
• On Friday Oil prices edged higher as the dollar stood near a three-year low in subdued Asian trade, with many markets closed for the Lunar New Year holiday.
• As per market players, Oil is getting support from a rebound in global stock markets and a weak dollar, but the upside is limited due to a projection for rising U.S. production.

$1 = Rs. 64.21
Import Custom Ex. Rate USD/ INR: 64.50
Export Custom Ex. Rate USD/ INR: 62.85