Phenol Weekly Report 05 Aug 2017

Weekly Price Trend: 31-07-2017 to 04-08-2017

• 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 plunged and at the end of the week were assessed at the level of Rs. 67/Kg for bulk quantity.

Booking Scenario

INDIA & INTERNATIONAL

• This week domestic phenol market prices were assessed around Rs.67/Kg for bulk quantity. Prices have remained firm.
• CFR India prices for this week were assessed in the range of USD 910-930/MTS, prices have remained firm in compared to last assessed values.
• Currently phenol market is moving with soft-stable velocity no major deals and discussion has been heard.
• This week prices have remained volatile. On Thursday oil prices plunged as watchful buying dried up after U.S. crude rose to nearly $50 a barrel. On Thursday, WTI on NYME closed at $49.03/bbl, prices have decreased by $0.56/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $0.35/bbl in compared to last trading and was assessed around $52.01/bbl.
• Investors looked ahead to an OPEC meeting next week for fresh insight into the oil cartel's commitment to improve compliance with the deal to curb production.
• However, Market participant downplayed the importance of the meeting next week, suggesting oil prices may struggle to sustained upward momentum.
• Report said that, absent further production cuts or a sustained uptick in demand, prices are likely to remain in the low to mid $50s for the remainder of the year. There are signs that the oil industry has adapted to an era of low prices and can produce and operate at levels that would previously have been uneconomic.
• China domestic benzene prices fluctuate in a narrow range.
• Sinopec Shijiazhuang Refinery & Chemical delays resume its plant.
• Benzene inventories along eastern China record high.
• FOB Korea and CFR China prices of Benzene were evaluated at USD 735/mt and USD745/mt respectively.

$1 = Rs. 63.58
Import Custom Ex. Rate USD/ INR: 64.55
Export Custom Ex. Rate USD/ INR: 62.85