Styrene Monomer Weekly Report 04 March 2017

Weekly Price Trend: 27-02-2017 to 03-03-2017

• 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.109/Kg for bulk quantity at Kandla and Rs 110/kg for Mumbai ports of India.

Booking Price

INDIA& INTERNATIONAL

• The domestic prices of Styrene were assessed at the level of Rs.109/Kg for ex Kandla and Rs 110/kg Mumbai ports.
• CIF India prices were assessed at the level of USD 1420/MT.
• This week FOB Korea prices were assessed USD 1360-1380/MTS prices have increased in compared to last week’s closing prices.
• CFR China prices were assessed in the range of USD 1360-1380/MTS, remained firm in compare to previous week.
• Presently market with moving with up velocity demand sentiments from end user have been improving, while feedstock prices plunged.
• Global Styrenics producer Ineos Styrolution has announced polystyrene price increases for March which are larger than the increase in the styrene monomer contract price
• Oil prices have followed fluctuating trend during the week. Oil prices headed lower on Thursday to log their lowest finish in about three weeks, as U.S. government data showed that domestic crude inventories hit a record and production edged higher last week.
• As per market source the high crude stockpile levels in the U.S. is the number one reason behind oil’s recent inability to climb. On Friday oil prices jump as he United States imposed sanctions on some Iranian individuals and entities.
• The increasing U.S. crude output in recent months has largely offset the continuing production cuts by the OPEC and Russia are keeping prices in a slim range, said by analysts.
• Market predictors anticipating that the respite to continue for more weeks with the next major price mover likely to be OPEC’s meeting at the end of May in which members will decide whether to extend the cuts beyond the initial six-month period.
• On Thursday, closing crude values have decreased.WTI on NYME closed at $52.61/bbl, prices have decreased by $1.22/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $1.28/bbl in compared to last trading and was assessed around $55.08/bbl
• For the current week SM prices have decreased as feedstock benzene prices also have decreased.
• FOB Korea and CFR China prices of Benzene were evaluated at USD 915/mt and USD950/mt respectively.

$1 = Rs. 66.81
Import Custom Ex. Rate USD/ INR: 67.65
Export Custom Ex. Rate USD/ INR: 66.00