Phenol Weekly Report 7 February 2020
Weekly Price Trend: 03-02-2020 to 07-02-2020
- 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 mixed throughout this week. Prices were assessed at the level of Rs.73/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.73/Kg for bulk quantity. Prices decreased slightly for this week.
- CFR India prices for this week were assessed in the range of USD 1090-1110/MTS, with no change in prices for this week.
- Benzene the major source for aromatic products also decline heavily for this week. FOB Korea values for Benzene were assessed around USD 658/MT for this week, reduced by USD 10/MT in one week while CFR China prices were assessed at the level of USD 680/MT for this week again reduced by USD10/MT for this week.
- Oil prices rose on Friday after Russia said it backs a recommendation for the OPEC and its producer allies to deepen output cuts amid contracting demand for crude as China battles the coronavirus epidemic that has hit global markets.
- A panel advising the Organization of Petroleum Exporting Countries (OPEC) and allies led by Russia, known as the OPEC+ group, suggested provisionally cutting output by 600,000 barrels per day (bpd),
- On back of global epidemic, Oil prices have fallen by more than a fifth in last two weeks.
- Chinese President Xi Jinping declared a "people's war" on the epidemic as China's Hubei province, where Wuhan is located, reported 69 new deaths, taking the total in the country to more than 600.
- The impact of the coronavirus on the oil market remains largely a Chinese demand story with weakening jet fuel demand and economic run cuts, but demand destruction outside of China has been minimal, for now," RBC Capital Markets analysts said in a note.
$1 = Rs. 71.46
Import Custom Ex. Rate USD/ INR: 71.65
Export Custom Ex. Rate USD/ INR: 69.95
