Styrene Monomer Weekly Report 05 Aug 2017

Weekly Price Trend: 31-07-2017 to 04-08-2017
 

• 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.82/Kg for ex Kandla and Rs 83/kg Mumbai ports.
• CIF India prices were assessed at the level of USD 1190/MT.
• This week FOB Korea prices were assessed USD 1095/MTS prices have plunged in compared to last week’s closing prices.
• CFR China prices were assessed in the range of USD 1125-1145/MTS, prices have plunged in compare to previous week.
• Europe styrene players concerned for oversupply of material while positive about demand sentiments.
• This week SM market is moving with weak velocity market players are buying only need based material.
• This week prices have remained volatile. On Thursday oil prices plunged as watchful buying dried up after U.S. crude rose to nearly $50 a barrel. On Thursday, WTI on NYME closed at $49.03/bbl, prices have decreased by $0.56/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $0.35/bbl in compared to last trading and was assessed around $52.01/bbl.
• Investors looked ahead to an OPEC meeting next week for fresh insight into the oil cartel's commitment to improve compliance with the deal to curb production.
• However, Market participant downplayed the importance of the meeting next week, suggesting oil prices may struggle to sustained upward momentum.
• China domestic benzene prices fluctuate in a narrow range.
• Sinopec Shijiazhuang Refinery & Chemical delays resume its plant.
• Benzene inventories along eastern China record high.
• FOB Korea and CFR China prices of Benzene were evaluated at USD 735/mt and USD745/mt respectively.

$1 = Rs. 63.58
Import Custom Ex. Rate USD/ INR: 64.55
Export Custom Ex. Rate USD/ INR: 62.85