N Hexane Weekly Report 13 Oct 2018
Weekly Price Trend: 08-10-2018 to 12-10-2018
- The above given graph focuses on the N Hexane price trend for the current week.
- Prices were assessed at the level of Rs.75/Kg in this week, remained unchanged for this week.
Booking Scenario
INDIA& INTERNATIONAL
- This week N hexane prices remained stable with no major change in domestic values. Prices were assessed around Rs.75/Kg for bulk quantity.
- CIF India prices remained unchanged for this week and were assessed at the level of USD 900-920/MT for this week.
- Last week there was strong rally for crude prices and was expected to cross the mark of USD 100/bbl very soon. But this week scenario was totally different. Brent crossed the mark of $86 on Tuesday , lowered in last two days on back of investors sell off in the trading.
- The main story driving the oil market remains the loss of Iranian crude exports ahead of the full renewal of U.S. sanctions on Nov. 4. That deadline is still frightening large over the market and could help push oil prices back up.
- All the major nations unanimously agree that with Iran sanctions, a large chunk of oil will be removed from the market. How strong its impact is beyond everybody’s imaginations.
- Emerging markets like India are really struggling with higher oil prices coupled with continuous currency depreciation.
- Indian Rupee has depreciated more than by 15% year-to-date. Higher crude oil prices, demand from defense and oil marketing firms have contributed to the latest bout of weakness. Rupee was overvalued on trade weighted real effective exchange rate.
- China market is also facing the heat of rise in crude prices and deprecation of its own currency. Further the trade tariffs with US will affect the Chinese economy in long run. To check its impact China’s Central Bank has cut down the reserve requirement ratios (RRRs) by one per cent from October 15 which will inject a net USD 109.2 billion in cash into the banking system.
$1 = Rs. 73.54
Import Custom Ex. Rate USD/INR: Rs. 74.60
Export Custom Ex. Rate USD/INR: Rs. 72.90
