Phenol Weekly Report 18th September 2020 18 Sep 20, 11:00 pm

Phenol Weekly Report 18th September 2020

Weekly Price Trend: 18-09-2020 to 18-09-2020

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, there has been no change in values for this week.
Prices were assessed at the level of Rs.53/Kg for bulk quantity, reduced by Rs.3/Kg for this week.

Booking Scenario

INDIA & INTERNATIONAL

This week domestic phenol market prices were assessed around Rs.53/Kg for bulk quantity. Prices reduced by Rs.3/Kg for this week.
There has been significant slowdown in domestic values due ample supply of the chemical coupled with availability of inventor at ports.
CFR India prices for this week were assessed in the range of USD 1130-1150/MTS for this week. Prices reduced by USD 30/MT for this week.
Discussion related to Phenol in US market remained blurred due to landfall of hurricane over there. Further antidumping probe is going on US Cargoes by India and China has also made the limited purchase.
FOB Korea values for Benzene were assessed around USD 419/MT for this week. There has been a slight improvement in prices. Prices increased by USD 5/MT for this week. CFR China prices were assessed at the level of USD 433/MT for this week.
The global market is feeling the heat of pandemic and exports across the nations has dropped significantly. Singapore the energy hub in the South Asian region has witnessed the decline in exports by 16.4%.
To India’s woes the geopolitical tension with China has been hitting hard the country imports and has affected the further demand in the country.
Rising corona cases post 4^th Lockdown has affected each and every sector of the society. The country has been next two Brazil and the numbers are increasing with each passing day. The new normal is but difficult for the whole society.
Crude values have been observed on surging trend. Oil prices rose for a fourth day in a row on Friday, putting crude on track for a weekly gain of about 10%, after Saudi Arabia pressed allies to stick to production quotas and banks including Goldman Sachs predicted a supply deficit.
On Thursday closing, there was heavy rise in crude prices. WTI on NYME closed at $40.97/bbl. Prices increased by 0.88/bbl in compared to last closing prices. While Brent on Inter Continental Exchange has reduced by $1.08/bbl in compare to last closing price and was assessed around $43.30/bbl.