Mixed Xylene Weekly Report 29 July 2017

Weekly Price Trend: 24-07-2017 to 21-07-2017

• The above given graph focuses on the Mixed Xylene price trend for the current week.
• Domestic prices ofMixed Xylene reduced for this week. Prices were assessed at the level of Rs.42.50/Kg for Mumbai port and Rs.43/Kg for Kandla port.      

                                                     Booking Scenario

INDIA

• Mixed Xylene prices were assessed around Rs.41/Kg at Kandla port and Rs42.5/Kg for Mumbai port.
• International prices of Isomer grade Mixed Xylene increased heavily for this week. Prices were assessed in the range of USD 650-6700/MTS, increased by USD 50/MTS in compare to last week’s closing values.
• CFR SE Asia prices were assessed in the range of USD 685/MT, decreased by USD 60/MTS in compare to last week’s assessed values.

• There has been glut in supply as majority of the states are receiving heavy showers. Gujarat has been worst affected due to heavy rainfall. All the major highways an railways have been affected by water logging. Rescue operation is all around the state is going on. The situation will take few more days to return to its normal pace.

• This week oil prices floated on positive trend. On Thursday oil prices closed on 8 week high levels on a hope that a steeper-than-expected decline in U.S. crude oil inventories will pull down global oversupply. On Thursday, closing crude values have increased.WTI on NYME closed at $49.04/bbl, prices have increased by $0.29/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.52/bbl in compared to last trading and was assessed around $51.49/bbl.
• As per report, U.S. crude stocks fell sharply last week as refineries increased output and imports declined, while gasoline stocks decreased and distillate inventories fell.
• Some players believe that the long-oversupplied market is moving towards balance which was also supported by news that Saudi Arabia plans to limit crude exports to 6.6 million barrels per day (bpd) in August, about 1 million bpd below the level last year.
• Some producers announced plans to cut spending this year as a result of low oil prices. But analysts say oil prices may have little room to head higher as recent gains could encourage more output, particularly from U.S. shale producers with low costs. The market will likely be paying even more attention to drilling activity in the U.S. in the coming weeks.
• Hanwha Total has resumed its production of its naphtha cracker in the weekend. Earlier the unit was shut down on last Monday due to power outages caused by a lightning strike. It happened in afternoon with no casualities being reported. Post restart the unit has been running at 100% of its capacity. Plant has the production capacity of 1 million tpa naphtha cracker would restart.

$1 = Rs. 64.16
Import Custom Ex. Rate USD/ INR: 65.20
Export Custom Ex. Rate USD/ INR: 63.50