Phenol Weekly Report 15 November 2019

Weekly Price Trend: 11-11-2019 to 15-11-2019

• The above given graph focuses on the Phenol price trend for the current week.
• If we take a quick look at the above given week, prices remained stable for this week. By end of the week prices were assessed at the level of Rs. 66/Kg for bulk quantity.

Booking Scenario

INDIA & INTERNATIONAL 

• This week domestic phenol market prices were assessed around Rs.66/Kg for bulk quantity. Prices remained stable for this week.
• CFR India prices for this week were assessed in the range of USD 1010-1030/MTS, with no change in values fir this week.
• Benzene the major source for aromatic products also increased for this week. FOB Korea values for Benzene were assessed around USD 637/MT for this week, while CFR China prices were assessed at the level of USD 675/MT for this week.
• Global oil supply could continue to rise at a rapid pace in 2020, surpassing the increase in demand. According to new figures from the International Energy Agency (IEA), non-OPEC supply could expand by a staggering 2.3 million barrels per day (mb/d), nearly double the expected increase in demand at 1.2 mb/d.
• That forecast doesn’t just depend on substantial growth from U.S. shale (although it does), but also on expected increases from Brazil, Norway and Guyana.
• The surge in output complicates OPEC+’s task as Vienna approaches. The production cuts are currently set to expire at the end of March 2020, but the group is widely expected to extend that agreement through the end of the year.
• “The hefty supply cushion that is likely to build up during the first half of next year will offer cold comfort to OPEC+ ministers gathering in Vienna at the start of next month,” the IEA said. “However, a continuously well-supplied market will lend support to a fragile global economy.” 

$1 = Rs. 71.83

Import Custom Ex. Rate USD/ INR: 72.00

Export Custom Ex. Rate USD/ INR: 70.30