Phenol Weekly Report 19 June 2020

Weekly Price Trend: 15-06-2020 to 19-06-2020

• 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 increased significantly in domestic market.
• Prices were assessed at the level of Rs.56/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.56/Kg for bulk quantity. Prices have increased significantly for this week.
• CFR India prices for this week were assessed in the range of USD 1090-1110/MTS for this week.
• FOB Korea values for Benzene were assessed around USD 425/MT for this week. There has been decline of USD 10/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 430/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.
• On Wednesday, closing crude values have decreased. WTI on NYME closed at $37.96/bbl. Prices have decreased by 0.42/bbl in compared to last closing prices. While Brent on Inter Continental Exchange is decreased by 0.25/bbl in compare to last closing price and was assessed around $40.71/bbl.
• Fears of a second wave of coronavirus pandemic and escalating global geopolitical tensions continue to support gold’s haven demand. Meanwhile, hopes of a quick economic recovery and a steady dollar are likely to limit major upsides.
• The face-off between India and China has been the talk of discussion throughout this week.
• The tight situation on the borders has affected the peace among two nations and the situation is likely to last for a while.
• China is one of the biggest exporters of petrochemical to India. If tensions continued then there will be major impact on petrochemical imports from China. 

$1 = Rs. 76.10

Import Custom Ex. Rate USD/ INR: 77.05

Export Custom Ex. Rate USD/ INR: 75.35