Phenol Weekly Report 31 March 2017

Weekly Price Trend: 27-03-2017 to 31-03-2017

• 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 increased and at the end of the week were assessed at the level of Rs. 76/Kg for bulk quantity.

Booking Scenario

INDIA & INTERNATIONAL

• This week domestic market prices were assessed around Rs.76/Kg for bulk quantity. Prices have increased.
• CFR India prices for this week were assessed in the range of USD 970-990/MTS, prices have increased in compared to last assessed values.
• This week domestic phenol prices have increased as oil prices and feedstock prices also have increased.
• As per report, China's February phenol imports soar nearly five fold.
• US Phenolic Resin market expecting slow growth in near term, said by market players.
• Market source have said that US Olintaking Phenol /Acetone turnaround in April.
• This week with the little volatility prices have remained on the higher note with the expectation of extended supply cut. Brent and WTI crude both were assessed above $50 per barrel. Crude prices remain over 4 percent higher than they were on Tuesday. On Thursday prices have escalated as Kuwait gave its backing for an extension of OPEC production cuts in an attempt to reduce global oversupply.
• Market players have said that oil prices will higher as  OPEC and non-OPEC oil production giant Russia would agree to continue their production cut deal seeking to drive prices higher.
• There remains doubt that the output cuts will go deep enough for the world's bloated markets to tighten soon and significantly lift prices, especially as other producers that are not part of the agreement could step in to fill the supply gap. Moreover some players have said that there is a tremendous amount of stock in the markets and to expect a major increase in the price is not very realistic
• On Thursday, closing crude values have increased.WTI on NYME closed at $50.35/bbl, prices have increased by $0.84/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.54/bbl in compared to last trading and was assessed around $52.96/bbl.
• Recently feedstock benzene prices have increased as demand sentiments are improving.
• FOB Korea and CFR China prices of Benzene were evaluated at USD 805/mt and USD 810/mt respectively.

$1 = Rs. 64.85
Import Custom Ex. Rate USD/ INR: 66.20
Export Custom Ex. Rate USD/ INR: 64.50