Phenol Weekly Report 11 October 2019

Weekly Price Trend: 04-10-2019 to 11-10-2019

• 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 remained stable throughout this week. By end of the week prices were assessed at the level of Rs. 75/Kg for bulk quantity.

Booking Scenario

INDIA & INTERNATIONAL 

• This week domestic phenol market prices were assessed around Rs.75/Kg for bulk quantity. Prices remained highly improved for this week.
• CFR India prices for this week were assessed in the range of USD 1060-1080/MTS, with an increase of USD 20/MTS for this week in compare to last week’s closing values.
• Most of the markets in India are also operating rate festive season is celebrated across the country.
• Benzene is the major raw material for Phenol production. Benzene the major source for aromatic products also remained unchanged for this week. FOB Korea values for Benzene were assessed around USD 660/MT for this week, while CFR China prices were assessed at the level of USD 680/MT for this week.
• There has been rise in crude prices on back of building on gains in the previous session, after producer club OPEC hinted at making deeper cuts in supply while optimism was revived over talks between the United States and China to end their trade war.
• On Thursday Mohammad Barkindo, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), said all options were on the table, including a deeper supply cut to balance oil markets. A decision would be taken at a December meeting between the OPEC and its partners, he said.
• OPEC lowered its 2019 global oil demand growth forecast to 0.98 million barrels per day (bpd), while leaving its 2020 demand growth estimate unchanged at 1.08 million bpd, according to OPEC's monthly report
• Beyond OPEC, trade talks between the United States and China also remained on market radar as the world's top two economies seek to resolve a more-than-a-year-long trade row that has slowed global economic growth and curbed fuel consumption.
• On Thursday, closing crude values have increased. WTI on NYME closed at $53.55/bbl. Prices have increased by 0.96/bbl in compared to last closing prices. While Brent on Inter Continental Exchange is increased by 0.78/bbl in compare to last closing price and was assessed around $59.10/bbl

$1 = Rs. 71.02

Import Custom Ex. Rate USD/ INR: 72.15

Export Custom Ex. Rate USD/ INR: 70.45