Phenol Weekly Report 27 May 2017

Weekly Price Trend: 22-05-2017 to 26-05-2017

• 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 it can be observed that this week domestic market prices of Phenol have remained volatile and at the end of the week were assessed at the level of Rs. 68/Kg for bulk quantity.

Booking Scenario

INDIA & INTERNATIONAL

• This week domestic market prices were assessed around Rs.71/Kg for bulk quantity. Prices remained volatile.
• CFR India prices for this week were assessed in the range of USD 920-940/MTS, prices have decreased in compared to last assessed values.
• This week domestic phenol prices have remained weak soft deals and discussion has been heard.
• Asian phenol prices are expected to weaken relative to raw material benzene prices in the second quarter as the end of phenol plant turnarounds in Thailand and Taiwan in mid-April returns the market to a state of oversupply.
• China April Phenol imports down 54% on month on weak demand.
• This week oil prices have followed volatile trend. On Thursday, Crude oil prices plunged more than 5 percent below $49 per barrel for its biggest daily drop in three weeks as OPEC members agreed to extend oil output cuts for nine months, crude oil traders pushed prices down by more than 4%.
• As per report, OPEC and some non-OPEC members agreed to extend oil supply cuts of 1.8 million barrels per day for a further nine months in a bid to stop waving prices. However, the move disappointed some who had hoped for longer or deeper cuts.
• As per market analyst, an initial six months of output reductions failed to shrink brimming crude stockpiles around the world. OPEC members need to curtail exports and take action to limit surging U.S. production to succeed this time.
• On Thursday, closing crude values have decreased.WTI on NYME closed at $48.90/bbl, prices have decreased by $2.46/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $2.50/bbl in compared to last trading and was assessed around $51.46/bbl.
• This week upstream benzene prices have increased.
• FOB Korea and CFR China prices of Benzene were evaluated at USD 765/mt and USD780/mt respectively.

$1 = Rs. 64.44
Import Custom Ex. Rate USD/ INR: 65.30
Export Custom Ex. Rate USD/ INR: 63.60