Styrene Monomer Weekly Report 01 July 2017

Weekly Price Trend: 26-06-2017 to 30-06-2017

• 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 have remained firm in compare to previous week and at the end of the week prices were assessed Rs.82/Kg for bulk quantity at Kandla and Rs 83/kg for Mumbai ports of India.

Booking Price

INDIA& INTERNATIONAL

• The domestic prices of Styrene were assessed at the level of Rs.80/Kg for ex Kandla and Rs 82/kg Mumbai ports.
• CIF India prices were assessed at the level of USD 1140/MT.
• This week FOB Korea prices were assessed USD 1125/MTS prices have increased in compared to last week’s closing prices.
• CFR China prices were assessed in the range of USD 1140-1160/MTS, prices have increased in compare to previous week.
• Europe styrene faces production concerns, spot spikes ahead of July contract.
• This week with the increase in oil prices SM prices also have increased.
• China's Ministry of Commerce has initiated antidumping investigations on styrene monomer imports from South Korea, Taiwan and the US, following a recent petition filed by Chinese SM producers.
• The petition was filed collectively on May 25 by six Chinese SM producers, namely Changzhou Donghao Chemical, Tianjin Dagu Chemical, Jiangsu Leasty Chemical, New Solar, Ningbo Keyuan Plastic and Shandong Shengyuan Petrochemical.
• The investigations, covering SM imports from South Korea, Taiwan and the US over January 1-December 31, 2016, are expected to be concluded before June 23, 2018 but may be extended to December 23, 2018 under special circumstances, the statement added.
• Crude oil prices have followed positive inclination as the fall in U.S. production has bolstered markets this week.
• On Thursday, closing crude values have increased.WTI on NYME closed at $44.93/bbl, prices have increased by $0.19bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.11/bbl in compared to last trading and was assessed around $47.42/bbl.
• After the steep drop in oil prices of recent weeks, market players said that especially hedge funds saw nice buying momentum and lower U.S. crude production was the trigger to act.
• U.S. crude output dropped 100,000 barrels per day (bpd) to 9.3 million bpd last week, the steepest weekly fall since July 2016.
• As per market players recently market is cyclically bullish within a structurally bearish framework, noting that global inventories were drawing, demand is high, OPEC could still make deeper cuts and U.S. producers could be discouraged by rising costs.
• This week feedstock benzene prices have decreased.
• Benzene inventories in eastern China continue to increase
• FOB Korea and CFR China prices of Benzene were evaluated at USD 750/mt and USD765/mt respectively.

$1 = Rs. 64.58
Import Custom Ex. Rate USD/ INR: 65.15
Export Custom Ex. Rate USD/ INR: 63.50