Phenol Weekly Report 3 June 2017

Weekly Price Trend: 29-05-2017 to 02-06-2017
 

• 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 plunged 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.68/Kg for bulk quantity. Prices have plunged.
• CFR India prices for this week were assessed in the range of USD 930-950/MTS, prices have increased in compared to last assessed values.
• This week domestic phenol prices have remained weak soft deals and discussion has been heard.
• Presently phenol market is moving with weak velocity demand sentiments has been poor.
• Sinopec hikes east China phenol offers by CNY100/tone.
• Europe phenol contract prices fall on benzene drop.
• China's Kingboard Yangzhou runs phenol/acetone plant at 85%.
• This week oil prices have followed volatile trend. After OPEC, Russia and other producers extended their agreement to curb output by 1.8 million barrels a day for another nine months, to force a rebalancing of the oil market, the bearish tone in the oil sector resurfaced.
• As per report, U.S. oil supplies dropped by 6.4 million barrels last week, a positive for the market and a much bigger decline than expected. On Thursday U.S. crude up slightly after a larger-than-expected domestic inventory drawdown.
• On Thursday, closing crude values have increased.WTI on NYME closed at $48.36/bbl, prices have increased by $0.04/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.02/bbl in compared to last trading and was assessed around $50.33/bbl.
• As per market report, U.S. production increased, and the expectation is that ongoing activity in U.S. shale will continue to boost output, offsetting OPEC efforts.
• This week upstream benzene prices have decreased.
• FOB Korea and CFR China prices of Benzene were evaluated at USD 750/mt and USD765/mt respectively.

$1 = Rs. 64.44
Import Custom Ex. Rate USD/ INR: 65.35
Export Custom Ex. Rate USD/ INR: 63.70