Phenol Weekly Report 7 June 2019
Weekly Price Trend: 03-06-2019 to 07-06-2019
- 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 remained variant throughout this week. By end of the week prices were assessed at the level of Rs. 75/Kg for bulk quantity remained unchanged for this week.
Booking Scenario
INDIA & INTERNATIONAL
- This week domestic phenol market prices were assessed around Rs.75/Kg for bulk quantity. Prices remained volatile for this week.
- CFR India prices for this week were assessed in the range of USD 1030-1050/MTS, remained unchanged for this week 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 605/MT, reduced by USD 30/MT for this week. CFR China prices have also witnessed a heavy decline in prices. Prices were assessed in the range of USD 600/MT. Moreover China market will remain close for next three days due to Dragon boat festival.
- Crude prices has seen significant rise in prices in this week, a rise highest in last five months. This rise has been well supported by a report that Washington could postpone trade tariffs on Mexico and signs OPEC and other producers may extend crude supply cuts.
- On Wednesday, Brent and WTI sank to their lowest levels since mid-January at $59.45 and $50.60 respectively, after US crude production hit a new record-high and stockpiles climbed to their highest since July 2017. But on Thursday oil prices followed US stocks higher after reports confirmed that the United States is considering a delay in the tariffs on Mexico as talks continue.
- Prices had been supported by supply curbs by the Organization of the Petroleum Exporting Countries (OPEC) and some allies including Russia. Supply has also been limited by US sanctions on oil exports from Iran and Venezuela.
- On Thursday day, closing crude values have increased. WTI on NYME closed at $52.69/bbl. Prices have increased by 0.91/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $1.04/bbl in compare to last closing price and was assessed around $61.67/bbl.
Anti dumping duty imposed on Phenol imports from five origins
- China has imposed anti dumping duty on imports of Phenol from the US, Europe, South Korea, Japan and Thailand. The Chinese ministry of commerce announced on Monday the preliminary results of ADD probe which started on March 2018.
- The release of the probe’s preliminary results had been delayed by the 90-day US-China trade war truce from early December 2018. Market players expect China's ADDs on phenol imports to be finalized in November. China conducted the probe on the petition of domestic producers, including PetroChina Jilin Petrochemical, Changshu Changchun, CEPSA Shanghai, Sinopec Mitsui Chemicals, Bluestar Harbin Petrochemical, Yangzhou Shiyou and Huizhou Zhongxin.
$1 = Rs. 69.47
Import Custom Ex. Rate USD/ INR: 70.30
Export Custom Ex. Rate USD/ INR: 68.60
