Phenol Weekly Report 14 June 2019

Weekly Price Trend: 10-06-2019 to 14-06-2019

• 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 variant throughout this week. By end of the week prices were assessed at the level of Rs. 74/Kg for bulk quantity remained unchanged for this week.

Booking Scenario

INDIA & INTERNATIONAL 

• This week domestic phenol market prices were assessed around Rs.74/Kg for bulk quantity. Prices remained volatile for this week.
• CFR India prices for this week were assessed in the range of USD 1010-1030/MTS, reduced by USD 20/MT for this week in compare to last week’s closing values.
• Benzene the major source for Phenol has improved for this week. FOB Korea values for Benzene were assessed around USD 615/MT, slightly improved in compare to last week and has improved by USD 10/MT from last week. CFR China prices were assessed at the level of USD 600/MT
• Oil prices remained flat most of the week with no major change until Thursday. On Thursday there was significant hike as there were two oil tankers hit by explosions in the Gulf of Oman between Iran and the United Arab Emirates (UAE).
• By Thursday morning, WTI Crude was surging 3.17% at $52.76, while Brent Crude was soaring 3.42% at $62.02, as renewed tension in the Middle East has the market worried that oil supply along the world’s most important chokepoints in the region may be under threat.
• The suspected attacks occurred one month after the UAE said in May that a total four vessels were attacked off its coast at the port of Fujairah, the world’s second-largest bunkering port.
• On Thursday day, closing crude values have increased. WTI on NYME closed at $52.28/bbl. Prices have increased by 1.14/bbl in compared to last closing prices. While Brent on Inter Continental Exchange is increased by 1.34/bbl in compare to last closing price and was assessed around $61.31/bbl. 

$1 = Rs. 69.83

Import Custom Ex. Rate USD/ INR: 70.30

Export Custom Ex. Rate USD/ INR: 68.60