Styrene Monomer Weekly Report 01 Sep 2018

Weekly Price Trend: 27-08-2018 to 31-08-2018

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 at Kandla while at Mumbai ports prices have remained firm and at the end of the week prices were assessed Rs.104/Kg for bulk quantity at Kandla and Rs 105/kg for Mumbai ports of India.

Booking Price

INDIA& INTERNATIONAL

• The domestic prices of Styrene were assessed at the level of Rs.104/Kg for ex Kandla and Rs 105/kg Mumbai ports.
• This week International SM prices have remained firm on bearish demand sentiments.
• Presently SM market is moving with soft-to-stable velocity.
• This week CFR India prices of SM were evaluated at USD 1450/MT.
• This week SM prices have plunged on weak demand sentiments from market players.
• China National Offshore Oil Corporation has shut down its Styrene Monomer unit for maintenance. The maintenance duration has not been specified yet by the company sources. Unit is based at Hainan in China and has the production capacity of 80,000 mt/year.
• Daqing Petrochemical will soon restart its Styrene Monomer unit after brief maintenance. The unit will restart in the mid of September 2018. Earlier the unit was shut down in the first week of August for around one month.The unit is based at Daqing in China and has the production capacity of 2,25,000 mt/year.
• This week oil prices have followed volatile trend. On Thursday oil prices increased due to extending gains on growing evidence of disruptions to crude supply from Iran and Venezuela and after a fall in U.S. crude inventories.
• On Thursday, closing crude values have increased. WTI on NYME closed at $70.25/bbl. Prices have increased by $0.74/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.63/bbl in compare to last closing price and was assessed around $77.77/bbl.
• Brent has risen by almost 10 percent over the past two weeks on widespread perceptions that the global oil market is tightening and could run short in the next few months as U.S. sanctions restrict crude exports from Iran.
• Market players have said that market will remain tight towards the end of the year because of falling supply in countries such as Iran and Venezuela combined with strong demand, especially in Asia.
• East China benzene inventories drop by 1.43% week on week.
• This week benzene prices have remained firm.
• FOB Korea and CFR China prices of Benzene were evaluated at USD 880/mt and USD 890/mt respectively.

 $1 = Rs. 70.99
 Import Custom Ex. Rate USD/ INR: 71.10

 Export Custom Ex. Rate USD/ INR: 69.40