Phenol Weekly Report 26 April 2019

Weekly Price Trend: 22-04-2019 to 26-04-2019

• 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 trend remained highly vulnerable due to increase in crude prices.
• By end of the week prices were assessed at the level of Rs. 83/Kg for bulk quantity increased by Rs.1/Kg for bulk quantity.

Booking Scenario

INDIA & INTERNATIONAL 

• This week domestic phenol market prices were assessed around Rs.83/Kg for bulk quantity. Prices remained unchanged for this week for bulk quantity.
• CFR India prices for this week were assessed in the range of USD 1110-1130/MTS, increased by USD 40/MTS in compare to last week’s closing values.
• Benzene the major source for Phenol has increased this week as well due to rise in crude prices in international market. Benzene FOB Korea prices were assessed at the level of USD 645/MT, improved by USD 10/MTS from last week crash in the prices.
• On other side CFR China prices were assessed at the level of USD 635/MT, increased by USD 8/MTS for this week.
• The election period going in the country has been major factor affecting the sentiments for Indian economy. Traders are in mood to know first about the government to take lead and then make any fresh position in the market.
• This week there has been continuous rise in oil prices in international market. Price rise has been in particularly due to end in the sanctions in waivers given by US against Iran to several other nations.
• India and China are the two major countries importing the most oil from Iran. Oil prices have rallied by more than two percent in this week in compare to closing of prices in the end of 2018. The grant provided to eight nations has now been pulled back by US.
• These potential disruptions to Iranian supplies add to an already tight market. The Organization of the Petroleum Exporting Countries (OPEC) has led supply cuts since the start of the year aimed at tightening global oil markets and to propping up crude prices. 

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. 70.01

Import Custom Ex. Rate USD/ INR: 70.40

Export Custom Ex. Rate USD/ INR: 68.70