Styrene Momomer Weekly Report 20 December 2019

Weekly Price Trend: 15-12-2019 to 20-12-2019     

• If we take a quick look at the above given weekly prices, it can be observed that for the current week prices of Styrene Monomer has remained firm with no changes in the price for this week.
• On Friday domestic values were assessed around Rs.70/Kg for bulk quantity at Kandla and Rs.71/kg for Mumbai ports of India by end of the week. 

Booking Price

INDIA& INTERNATIONAL 

• The domestic prices of Styrene were assessed at the level of Rs.70/Kg for Kandla and Rs. 71/kg Mumbai ports. Domestic prices remained firm for this week.
• On other side, FOB Korea values for Styrene were assessed around USD 865-885/MT, increased by USD 15/MT for this week. CFR China prices also improved for this week. Prices were assessed at the level of USD 915/MT increased by USD 20/MT for this week. South East Asia prices of SM were evaluated at USD 875/MT.
• Benzene the major source for aromatic products also reduced for this week. FOB Korea values for Benzene were assessed around USD 675/MT for this week, increased by USD 25/MT for this week, while CFR China prices were assessed at the level of USD 685/MT for this week.
• Oil prices held steady near three-month highs today, heading for a third consecutive weekly rise, on the back of easing Sino-US trade tensions that have weighed on demand as well as the global economic growth outlook.  Brent futures were up 5 cents, or 0.08 per cent, to 66.59 a barrel by 0242 GMT, while US West Texas Intermediate crude was down 8 cents, or 0.13 per cent, at $61.10 per barrel.
• Progress in a long-running trade dispute between the United States and China, the world's two biggest oil consumers, has boosted expectations for higher energy demand next year.
• China on Thursday announced a list of import tariff exemptions for six oil and chemical products from the United States, days after the world's two largest economies announced an interim trade deal set to be signed at the beginning of January.
• The Organization of Petroleum Exporting Countries (OPEC) and its allies including Russia agreed in early December to make a further cut of 500,000 barrels per day (bpd) from Jan. 1 on top of previous reductions of 1.2 million bpd. The trade deal progress aside, a drop in US crude inventories also supported oil prices to hold near three-month highs.

$1 = Rs. 71.12

Import Custom Ex. Rate USD/ INR: 71.90

Export Custom Ex. Rate USD/ INR: 70.20