Phenol Weekly Report 01 July 2017

Weekly Price Trend: 26-06-2017 to 30-06-2017

• The above given graph focuses on the Phenol price trend for the current week.
• If we take a quick look at the above given weekly price trend it can be observed that this week domestic market prices of Phenol have remained firm and at the end of the week were assessed at the level of Rs. 68/Kg for bulk quantity.

Booking Scenario

INDIA & INTERNATIONAL

• This week domestic phenol market prices were assessed around Rs.68/Kg for bulk quantity. Prices have remained firm.
• CFR India prices for this week were assessed in the range of USD 920-940/MTS, prices have remained firm in compared to last assessed values.
• China's Sinopec Yanshan to shut phenol/acetone plant for maintenance.
• US phenol sellers could spark pressure from Asia acetone sellers.
• As per market players, phenol market is moving with soft-to-firm velocity from very long no fluctuation has been heard.
• Crude oil prices have followed positive inclination as the fall in U.S. production has bolstered markets this week.
• On Thursday, closing crude values have increased.WTI on NYME closed at $44.93/bbl, prices have increased by $0.19bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.11/bbl in compared to last trading and was assessed around $47.42/bbl.
• After the steep drop in oil prices of recent weeks, market players said that especially hedge funds saw nice buying momentum and lower U.S. crude production was the trigger to act.
• U.S. crude output dropped 100,000 barrels per day (bpd) to 9.3 million bpd last week, the steepest weekly fall since July 2016.
• As per market players recently market is cyclically bullish within a structurally bearish framework, noting that global inventories were drawing, demand is high, OPEC could still make deeper cuts and U.S. producers could be discouraged by rising costs.
• Feedstock Benzene inventories in eastern China continue to increase
• FOB Korea and CFR China prices of Benzene were evaluated at USD 750/mt and USD765/mt respectively.

$1 = Rs. 64.58
Import Custom Ex. Rate USD/ INR: 65.15
Export Custom Ex. Rate USD/ INR: 63.50