Phenol Weekly Report 6 March 2020
Weekly Price Trend: 02-03-2020 to 06-03-2020
- 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 remained stable throughout this week. Prices were assessed at the level of Rs.75/Kg for bulk quantity, reduced by Rs.2/Kg for this week.
Booking Scenario
INDIA & INTERNATIONAL
- This week domestic phenol market prices were assessed around Rs.75/Kg for bulk quantity. Prices reduced significantly for this week.
- CFR India prices for this week were assessed in the range of USD 1090-1110/MTS, remained unchanged for this week.
- Benzene the major source for aromatic products has slightly reduced for this week. FOB Korea values for Benzene were assessed around USD 630/MT for this week, reduced by USD 5/MTS for this week while CFR China prices were assessed at the level of USD 640/MT for this week again reduced by USD5/MT for this week.
- There have been many fresh cases of Corona in India and South Asian countries. The rise in cases has been serious concern for these nations. To curtail this epidemic government has been taking strict actions like sealing of borders, health checkups at airports, curtail in imports from the affected nations like China and Iran. This all measures across the world has been hitting hard the global economy.
- Oil slid on Friday as worries about demand for fuel being sapped by the global coronavirus outbreak were heightened by concern over non-Opec crude producers not yet having agreed to cut output further to support prices. The Organization of the Petroleum Exporting Countries (Opec) on Thursday pushed for crude output by Opec and associated producers - a group known as Opec plus - to be cut by an extra 1.5 million barrels per day (bpd) in total until the end of 2020. The call came ahead of an Opec plus meeting scheduled for Friday in Vienna.
- Non-Opec states were expected to contribute 500,000 bpd to the overall extra cut, Opec ministers said. But Russia and Kazakhstan, both members of Opec plus, said they had not yet agreed to the deeper cut, raising the risk of a collapse in cooperation that has propped up crude prices since 2016. Some analysts expected Moscow to ultimately endorse the agreement.
PLANT NEWS
Commercial production started at PTTGC’s Olefin project
- PTTGC, PTT Global Company made a major announcement related to starting of commercial production at its new Olefin plant in Map Ta Phut in Thailand.
- The project includes an Ethylene plant with a capacity of 5,00,000 tonnes/year and Propylene plant with a capacity of 2,50,000 tonnes/year. It will further increase the capacity of solvents to 3.7 mln tones/year from 3 mln tones/year.
Phenol/Acetone plant shutdown by Shiyou chemical
- China based Shiyou Chemical decided to shut its Phenol/Acetone plant for maintenance. The plant is located at Yangzhou in Jiangsu province in China. The plant has the production capacity of 2,00,000 tonnes/year of Phenol and 1,20,000 tonnes/year of Acetone . Currently the shipments of Phenol/Acetone have been halted for few days.
$1 = Rs. 73.67
Import Custom Ex. Rate USD/ INR: 74.25
Export Custom Ex. Rate USD/ INR: 72.55
