MEG Weekly Report 19 May 2018

Weekly Price Trend: 14-05-2018 to 18-05-2018

• The above given graph focuses on the MEG price trend from 14h May to 18th May 2018.  
• Prices remained soft-to-stable for this week. Domestic prices were assessed at the level of Rs.73/Kg for bulk quantity.

Total import at various ports in the month of April 2018-MEG

The above table depicts the imports of MEG at various ports in the month of April 2018

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 firm for bulk quantity. Prices were assessed at the level of Rs.73/Kg for bulk quantity.
• CFR China values were assessed around USD 930-950/MT, reduced by USD 40/MT in one week. CFR South East Asia assessed around USD 975/MT again reduced by USD 10/MT in last one week.
• FOB Korea values for Ethylene were assessed around USD 1205/MT, remained unchanged for this week while CFR China values were assessed around USD 1255/MT, while CFR South East Asia values were assessed around USD 1190/MT.
• On other side Propylene market slightly improved for this week. FOB Korea values were assessed around USD 1075/MT while CFR China values were assessed around USD 1105MT.
• This week crude oil prices escalated. Oil prices hit $80 a barrel on Thursday for the first time since November 2014 on concerns that Iranian exports could fall because of renewed U.S. sanctions, reducing supply in an already tightening market.
• On Thursday, closing crude values have increased. WTI on NYME closed at $71.49/bbl; prices have increased remained firm in compared to last closing prices. While Brent on InterContinental Exchange increased by $0.02/bbl in compared to last trading and was assessed around $79.30/bbl.
• As per market report, The potential loss of 1 million barrels of Iranian crude from the world market and the ongoing decline of Venezuela's oil sector could push oil prices beyond $100/b. Global inventories of crude oil and refined products dropped sharply in recent months owing to robust demand and OPEC-led production cuts.
• Several banks have in recent days raised their oil price forecasts, citing tighter supplies and strong demand. Shell said it was halting crude exports from a major Nigerian pipeline.
• French petrochemical firm Total said that it may pull out all its investments from Iran where again sanctions has been imposed by US unless the sanctions relief is provided to the firm.
• Total has invested in Iran in South Pars along with Chinese firm CNPC and Iranian firm Petropars. Total itself holds 50.1% stake in South Pars Phase 11 with China’s state-owned CNPC owning 30% and Iran's Petropars 19.9%.

$1 = Rs. 68.00
Import Custom Ex. Rate USD/ INR: 68.65
Export Custom Ex. Rate USD/ INR: 66.95