Phenol Weekly Report 12 June 2020
Weekly Price Trend: 01-06-2020 to 05-06-2020
- The above given graph focuses on the Phenol price trend for the current week.
- If we take a quick look at the above given week, prices increase reduced slightly like all other petrochemicals in global and domestic market.
- Prices were assessed at the level of Rs.50/Kg for bulk quantity, improved by Rs.2/Kg and then reduced again with the closure of the week.
Booking Scenario
INDIA & INTERNATIONAL
- This week domestic phenol market prices were assessed around Rs.50/Kg for bulk quantity. Prices remained vulnerable throughout this week.
- CFR India prices for this week were assessed in the range of USD 1070-1090/MTS for this week.
- FOB Korea values for Benzene were assessed around USD 435/MT for this week. There has been increase of USD 18/MT in Benzene values for this week. The outbreak in prices of crude has affected whole of the petrochemical market. CFR China prices were assessed at the level of USD 445/MT for this week.
- There has been big slump in crude prices for this week. Oil prices crashed by 7 percent on Thursday, after the EIA reported on Wednesday.
- The plunge in prices set them on course for the worst daily crash since late April this year.
- Over the past few days, the oil market has been spooked by rising U.S. commercial inventories that suggest that the oil demand recovery is not as smooth as some had initially expected.
- The supply cuts have been driving the recent oil price rally, the market seemed to have banked on a steady global demand recovery similar to China’s after it exited lockdowns earlier than the other countries.
- On Thursday, closing crude values have decreased. WTI on NYME closed at $36.34/bbl. Prices have decreased by 3.26/bbl in compared to last closing prices. While Brent on Inter Continental Exchange is decreased by 3.18/bbl in compare to last closing price and was assessed around $38.55/bbl.
$1 = Rs. 75.84
Import Custom Ex. Rate USD/ INR: 76.45
Export Custom Ex. Rate USD/ INR: 74.75
