Phenol Weekly Report 26 July 2019

Weekly Price Trend: 22-07-2019 to 26-07-2019

• 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 stable throughout this week. By end of the week prices were assessed at the level of Rs. 73/Kg for bulk quantity reduced by Rs2/kg for this week.

Booking Scenario

INDIA & INTERNATIONAL 

• This week domestic phenol market prices were assessed around Rs.73/Kg for bulk quantity. Prices reduced slightly by Rs.2/Kg for this week and were assessed at the level of Rs.73/Kg for bulk quantity.
• CFR India prices for this week were assessed in the range of USD 1050-1070/MTS, with no change for this week 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 655/MT, reduced by USD 20/MT in compare to last week closing values. CFR China prices were assessed at the level of USD 655/MT, decreased by USD 30/MT in compare to last week’s closing values.
• OPEC is considering using several metrics to assess where global oil (over)supply stands, including taking the five-year average of oil stocks in 2010-2014 instead of the most recent five-year average 2014-2018, which it currently reports in its monthly oil market reports and which the International Energy Agency (IEA) also takes as a benchmark to measure oil inventories.
• OPEC and its Russia-led non-OPEC allies are in their third year of managing supply to the market, hoping to draw down high inventories and push up oil prices.
• With demand rising over the next nine months and the commitments from all the countries, including the Kingdom of Saudi Arabia, we are approaching the normal levels of supplies of 2010-2014. It is one of the options in front of us as a goal.”
• The rate of the last five years is another option, which we think is unsuitable. We will study the middle options between these two choices. In any case, we will make sure that the market is balanced with proportionate indicators. 

$1 = Rs. 68.92

Import Custom Ex. Rate USD/ INR: 69.65

Export Custom Ex. Rate USD/ INR: 67.95