Phenol Weekly Report 06 May 2017

Weekly Price Trend: 01-05-2017 to 05-05-2017

• 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. 72/Kg for bulk quantity.

Booking Scenario

INDIA & INTERNATIONAL

• This week domestic market prices were assessed around Rs.72/Kg for bulk quantity. Prices have plunged.
• CFR India prices for this week were assessed in the range of USD 950-970/MTS, prices have decreased in compared to last assessed values.
• Recently market is moving with soft velocity on account of this prices have plunged.
• Market players have said that end users have adopted wait and watch stances on account of uncertain market outlook.
• As per report, US phenol trade on hold.US phenol market players is expecting import/export activity to remain sluggish in near term.
• This week oil prices have followed little volatility and at the end of the week prices sharply have plunged. On Thursday oil prices crashed to five-month lows as concerns about global oversupply wiped out all of the price gains since OPEC's move to cut output.
• Analysts agreed the steep price falls would likely force OPEC members to extend production cuts later this month, but the prospect of deeper cuts appeared slim. OPEC is scheduled to meet on May 25 to decide whether to extend the cuts.
• On Thursday, closing crude values have decreased.WTI on NYME closed at $45.52/bbl, prices have decreased by $2.30/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $2.41/bbl in compared to last trading and was assessed around $48.38/bbl.
• As per market analyst the current rate of cuts, is sufficient to result in demand outstripping global output by 1 million barrels a day in the second half of 2017 as seasonal demand picks up. it is becoming apparent that the profit margins of many of the chemical majors could be improved quit as oil prices declining with pace rapid.
• East China shore tank benzene inventories continue to fall.
• Sinopec cuts east China benzene list price.
• FOB Korea and CFR China prices of Benzene were evaluated at USD 745mt and USD755/mt respectively.

$1 = Rs. 64.37
Import Custom Ex. Rate USD/ INR: 65.10
Export Custom Ex. Rate USD/ INR: 63.40