Phenol Weekly Report 3 May 2019

Weekly Price Trend: 29-04-2019 to 03-05-2019

• 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 reduced significantly by end of the week. By end of the week prices were assessed at the level of Rs. 81/Kg for bulk quantity reduced by Rs.2/Kg for bulk quantity.

Booking Scenario

INDIA & INTERNATIONAL 

• This week domestic phenol market prices were assessed around Rs.81/Kg for bulk quantity. Prices has reduced significantly for this week.
• CFR India prices for this week were assessed in the range of USD 1110-1130/MTS, increased by USD 40/MTS 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 624/MT reduced by USD 21/MT from last week’s closing values. On other side CFR China prices were also reduced for this week. CFR China prices were reduced by USD 10/MT and were assessed around USD 625/MT for this week.
• The election period going in the country has been major factor affecting the sentiments for Indian economy. Traders are in mood to know first about the government to take lead and then make any fresh position in the market.
• The chaos in Venezuela and plunge in the oil production is matter of great concern. The country has lost its stability and has been completely bankrupt. This in turn has led to decline in oil production. US has been forcing rest of the nations to corner Venezuela and  stop taking any kind of fuel.
• Similarly with Iran the sanctions have been completely imposed with no mare waiver options. To this situation the supply has been curtailed from two major oil producing countries. But on contrary oil prices has lowered down due to ever increasing oil inventories in USD.
• Crude prices have lowered for this week. On Thursday day, closing crude values have decreased. WTI on NYME closed at $61.81/bbl. Prices have decreased by 1.79/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $1.43/bbl in compare to last closing price and was assessed around $70.75/bbl 

PLANT NEWS

Phenol/Acetone unit shut down by Sinopec Yanshan

• Sinopec Yanshan Company Beijing has shut down its Phenol/acetone unit for maintenance turnaround. The unit will be shut down by end of this week and is likely to remain off-stream for around one week.
• Unit is based at Beijing in China and has the production capacity of Phenol around 1,10,00 tonnes/year and Acetone around 70,000 tonnes/year. 

$1 = Rs. 69.21

Import Custom Ex. Rate USD/ INR: 70.45

Export Custom Ex. Rate USD/ INR: 68.80