Phenol Weekly Report 29 July 2017

Weekly Price Trend: 24-07-2017 to 28-07-2017

• 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 firm 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 phenol market prices were assessed around Rs.66.5/Kg for bulk quantity. Prices have remained firm.
• CFR India prices for this week were assessed in the range of USD 910-930/MTS, prices have plunged in compared to last assessed values.
• This week phenol prices have plunged in international market due to decline in demand from end users.
• INEOS Phenol plans ‘world-scale’ cumene plant in Germany.
• This week oil prices have followed up trend. On Thursday oil prices have boosted 8 weeks high on a hope that a steeper-than-expected decline in U.S. crude oil inventories will reduce global oversupply.
•  On Thursday, closing crude values have increased.WTI on NYME closed at $49.04/bbl, prices have increased by $0.29/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.52/bbl in compared to last trading and was assessed around $51.49/bbl.As per report, U.S. crude stocks fell sharply last week as refineries increased output and imports declined, while gasoline stocks decreased and distillate inventories fell.
• Some players said that expectations that the long-oversupplied market is moving towards balance were also supported news that Saudi Arabia plans to limit crude exports to 6.6 million barrels per day (bpd) in August, about 1 million bpd below the level last year. Some producers announced plans to cut spending this year as a result of low oil prices.
• But analysts say oil prices may have little room to head higher as recent gains could encourage more output, particularly from U.S. shale producers with low costs.
• The market will likely be paying even more attention to drilling activity in the U.S. in the coming weeks.
• Benzene inventories along eastern China increase to 124,000 tonnes.
• An overnight gain in benzene prices in Europe and the US coupled with strength in upstream crude and naphtha values, supported a rise in benzene rates in Asia.
• FOB Korea and CFR China prices of Benzene were evaluated at USD 730/mt and USD750/mt respectively.

$1 = Rs. 64.16
Import Custom Ex. Rate USD/ INR: 65.20
Export Custom Ex. Rate USD/ INR: 63.50