Phenol Weekly Report 29 May 2020

Weekly Price Trend: 25-05-2020 to 29-05-2020

• The above given graph focuses on the Phenol price trend for the current week.
• If we take a quick look at the above given week, prices reduced slightly like all other petrochemicals in global and domestic market.
• Prices were assessed at the level of Rs.49/Kg for bulk quantity, reduced by Rs.1/Kg for this week.

Booking Scenario

INDIA & INTERNATIONAL 

• This week domestic phenol market prices were assessed around Rs.49/Kg for bulk quantity. Prices reduced significantly for this week.
• CFR India prices for this week were assessed in the range of USD 1020-1040/MTS for this week.
• All the global trends are making difficult for the survival developing nations. Already brutally affected by COVID. The growing tension between India and China over border issues, worsening of China and US terms has been adding to difficult times ahead for the world.
• Dow also wants more clarity on US-China trade relations before pursuing larger projects. European chemicals stocks and bourses rose healthily on Thursday on the back of hopes the lockdown easings will revive economic activity and liquidity provided by central banks will soften the recession.
• The rally needs a breather. It has been four weeks of gains and the market needs to buy time for downstream prices to catch up. Thursday’s data from the Energy Information Administration showed that U.S.crude oil and distillate inventories rose sharply last week. Fuel demand remained slack even as various states lifted travel restrictions they had imposed to curb the coronavirus pandemic, analysts said. 
• On other side Saudi Arabia and some OPEC members are considering extending record production cuts of 9.7 million barrels per day beyond June, but have yet to win support from Russia. 
• On Thursday, closing crude values have increased. WTI on NYME closed at $33.71/bbl. Prices have increased by 0.90/bbl in compared to last closing prices. While Brent on Inter Continental Exchange is increased by 0.55/bbl in compare to last closing price and was assessed around $35.29/bbl.

$1 = Rs. 75.62

Import Custom Ex. Rate USD/ INR: 76.60

Export Custom Ex. Rate USD/ INR: 74.90