Phthalic Anhydride Weekly Report 13 Oct 2018

Weekly Price Trend: 08-10-2018 to 12-10-2018

• The above given graph focuses on the Phthalic Anhydride price trend for current week.
• There has been slight change in domestic values. Prices were assessed around Rs.88.5/Kg for Ahmedabad and Rs 86.5/Kg for Mumbai port.

Booking Scenario

Antidumping Duty Country-wise
Israel-USD 139.76/MT Taiwan-USD150.88/MT Korea-USD91.12/MT.
The above chart shows the international prices of Phthalic Anhydride and its comparison from the previous prices.

INDIA & INTERNATIONAL

• Domestic prices were assessed in the range of 88.5/Kg for Ahmedabad and Rs.86.5/Kg for Mumbai port. This week there has been no change in domestic values. CFR India Phthalic Anhydride prices were assessed at the level of USD 1170-1190/MT from Iran origin.
• FOB Korea values for PA were assessed around USD 1180/MT.
• Last week there was strong rally for crude prices and was expected to cross the mark of USD 100/bbl very soon. But this week scenario was totally different. Brent crossed the mark of $86 on Tuesday , lowered in last two days on back of investors sell off in the trading.
• The main story driving the oil market remains the loss of Iranian crude exports ahead of the full renewal of U.S. sanctions on Nov. 4. That deadline is still frightening large over the market and could help push oil prices back up.
• All the major nations unanimously agree that with Iran sanctions, a large chunk of oil will be removed from the market. How strong its impact is beyond everybody’s imaginations.
• Emerging markets like India are really struggling with higher oil prices coupled with continuous currency depreciation.
• Indian Rupee has depreciated more than by 15% year-to-date. Higher crude oil prices, demand from defense and oil marketing firms have contributed to the latest bout of weakness. Rupee was overvalued on trade weighted real effective exchange rate.
• China market is also facing the heat of rise in crude prices and deprecation of its own currency. Further the trade tariffs with US will affect the Chinese economy in long run. To check its impact China’s Central Bank has cut down the reserve requirement ratios (RRRs) by one per cent from October 15 which will inject a net USD 109.2 billion in cash into the banking system.

$1 = Rs. 73.54
Import Custom Ex. Rate USD/ INR: 74.60
Export Custom Ex. Rate USD/ INR: 72.90