Phenol Weekly Report 1 March 2019
Weekly Price Trend: 25-02-2019 to 01-03-2019
- 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 remained highly vulnerable and has been turbulent for this week.
- By end of the week prices were assessed at the level of Rs. 98/Kg for bulk quantity. Prices have reduced significantly in domestic market. The fall in values is on back of plenty of supply in the domestic market.
Booking Scenario
INDIA & INTERNATIONAL
- This week domestic phenol market prices were assessed around Rs.99/Kg for bulk quantity.
- CFR India prices for this week were assessed in the range of USD 1270-1290/MTS, reduced by USD 20/MTS for this week.
- Benzene the major source for Phenol has also reduced for this week. Benzene FOB Korea prices were assessed at the level of USD 610/MT. On other side CFR China prices were assessed at the level of USD 620/MT, reduced by USD 10/MT for this week.
- The ongoing border tensions and war like situations between India and Pakistan had an adverse impact on Indian trade relation with neighbouring nation. Moreover such heinous attacks affect the economy of the country as well.
- Oil prices rose on Friday as markets tightened amid output cuts by producer club OPEC, but surging U.S. supply and a global economic slowdown prevented crude from climbing further.
- In Venezuela, oil exports have plunged by 40 percent to around 920,000 barrels per day (bpd) since the U.S. government slapped sanctions against its petroleum industry on Jan. 28.
- This drop comes as the Organization of the Petroleum Exporting Countries (OPEC), of which Venezuela is a founding member, has led efforts since the start of the year to withhold around 1.2 million bpd of supply to prop up prices.
- Moreover the weak results from China has also affected the global economy. China's February factory activity fell for a third month as the world's second-largest economy continued to struggle with weak export orders, a private survey showed on Friday.
$1 = Rs. 70.85
Import Custom Ex. Rate USD/ INR: 72.00
Export Custom Ex. Rate USD/ INR: 70.30
