Phenol Weekly Report 24 May 2019

Weekly Price Trend: 20-05-2019 to 24-05-2019

• 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 reduced significantly by end of the week. By end of the week prices were assessed at the level of Rs. 75/Kg for bulk quantity reduced by Rs.3/Kg for bulk quantity.

Booking Scenario

INDIA & INTERNATIONAL

• This week domestic phenol market prices were assessed around Rs.75/Kg for bulk quantity. Prices have reduced significantly for this week.
• CFR India prices for this week were assessed in the range of USD 1030-1050/MTS, reduced by USD 40/MTS in compare to last week’s closing values.
• Benzene the major source for Phenol has also reduced for this week FOB Korea values for Benzene were assessed around USD 625/MT. CFR China prices were also reduced for this week. CFR China prices were reduced by USD 10/MT and were assessed around USD 610/MT for this week.
• India has officially ended all oil imports from Iran, India’s Ambassador Harsh Vardhan Shringla said on Wednesday, after Prime Minister Narendra Modi has managed to emerge victorious from India’s elections.
• Shringla was reluctant to say whether India agreed with the United States’ stance on the sanctions, but did say that the sanctions have hurt India, who relies on Iran in particular for a sizeable chunk of its crude oil. It now has had to find new sources of crude oil after the United States refused to extend the waiver India was enjoying up until May 2.
• World shares were deep in the red as concerns grew the China-US trade conflict was fast turning into a technology cold war between the world's two largest economies.
• World shares were deep in the red as concerns grew the China-US trade conflict was fast turning into a technology cold war between the world's two largest economies. 

PLANT NEWS

Phenol/Acetone unit shut down by Sinopec Yanshan

• Sinopec Yanshan Company Beijing has shut down its Phenol/acetone unit for maintenance turnaround. The unit will be shut down by end of this week and is likely to remain off-stream for around one week.
• Unit is based at Beijing in China and has the production capacity of Phenol around 1,10,00 tonnes/year and Acetone around 70,000 tonnes/year. 

$1 = Rs. 69.53

Import Custom Ex. Rate USD/ INR: 71.15

Export Custom Ex. Rate USD/ INR: 69.50