Methanol Weekly Report 20 March 2020

Weekly Price Trend: 16-03-2020 to 20-03--2020

• The above graph focuses on the Methanol price trend for the current week. Prices have remained stable for most of the week. Domestic prices were assessed at the level of Rs.22/Kg for this week. There has been slowdown in domestic values.
• By the end of the week prices were assessed around Rs 22/Kg for Kandla and Mumbai ports.

Booking Scenario

INDIA&INTERNATIONAL 

• This week domestic market prices of Methanol have remained vulnerable and were assessed around Rs.23.25/kg for this week for bulk quantity.
• CFR India prices were assessed around USD 179/MTS, reduced by USD 10/MTS for this week. There has been slowdown in overall petrochemical market across the globe.
• China market also reduced for this week. CFR China prices were assessed around USD 200/MT for this week.
• FOB Korea values for Benzene were assessed around USD 395/MT for this week. Prices declined massively by USD 130/MT in a span of one week. The pandemic Covid-19 has brutally affected all the segments of society. CFR China prices were assessed at the level of USD 415/MT for this week again reduced by USD 130/MT for this week.
• Major economic city of India, Mumbai has been locked down since Friday amid Corona scare. Many other cities are likely to undergo complete lockdown in next week. The country will be under curfew on Sunday suspending all sorts of activities across the nation.
• Indian markets plunge as pandemic fears drive investors into panic selling mode, Brent crude hits a 16-year low; analysts now see a long recession
• After scaling new highs in January, India stocks have dipped 31.8%.
• As rising infections of the novel coronavirus pose a medical and economic challenge for policymakers worldwide, global investors raced to stock up on cash, dumping even safe haven assets such as gold and government bonds. In India, foreign investors have sold shares worth about $4.4 billion in March alone.
• Oil giant Saudi Aramco will proceed with the reduction of its refinery rates in Saudi Arabia in April and May in order to free up more crude oil for exports.
• The Saudis, who launched an all-out price war for market share with Russia after Moscow refused to back deeper cuts, will not only boost April exports from the current 7 million bpd, but will also grow exports in May by another 250,000 bpd from April. 

$1 = Rs. 75.18

Import Custom Ex. Rate USD/ INR: 75.75

Export Custom Ex. Rate USD/ INR: 74.05