Phenol Weekly Report 20 June 2019
Weekly Price Trend: 17-06-2019 to 21-06-2019
- 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, remained unchanged for this week in compare to last week’s closing values.
- Benzene the major source for Phenol has improved again for this week. FOB Korea values for Benzene were assessed around USD 635/MT, improved by USD 20/MT in compare to last week closing values. CFR China prices were assessed at the level of USD 625/MT
- Severed tension between Iran and US has resulted in the soaring of crude values in international market. In the early hours on Thursday, Iran shot down a U.S. drone, with both sides reporting conflicting accounts. The U.S. says the drone was in international waters, while Iran says that the drone had entered Iranian air space. The incident adds to the boiling cauldron of tension between the two countries.
- In early trading on Thursday, WTI was up more than 4 percent and Brent was up more than 3 percent, surging to the highest level since late May.
- The confused policy of US against Iran has been the talk of town. With no proper reasons US has been escalating the tension and has been prompting Iran to take any major negative step.
- The rapid spike in tension has only moved crude oil prices in fits and starts over the last few weeks. The prospect of a major war, and the potential disruption to maritime trade in the Persian Gulf, was largely shrugged off by oil traders.
$1 = Rs. 69.55
Import Custom Ex. Rate USD/ INR: 70.40
Export Custom Ex. Rate USD/ INR: 68.70
