Styrene Monomer Weekly Report 06 Jan 2018
Weekly Price Trend: 01-01-2018 to 05-01-2018
- 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 in compare to previous week and at the end of the week prices were assessed Rs.98/Kg for bulk quantity at Kandla and Rs 98/kg for Mumbai ports of India.
Booking Price
INDIA& INTERNATIONAL
- The domestic prices of Styrene were assessed at the level of Rs.98/Kg for ex Kandla and Rs 98/kg Mumbai ports.
- CIF India prices were assessed at the level of USD 1320/MT.
- This week Styrene Monomer price rise on bullish buying trends in China and gains recorded in upstream benzene values.
- SM supply is anticipated to remain tight as CSPC has shutdown at its SM plant, it is located in Guangdong, China, due to mechanical issue. The plant is likely to remain offstream for around two weeks, having the production capacity of 700,000 mt/year.
- This week oil prices have remained little volatile but overall closed on higher note. On Thursday U.S. crude oil prices rise to the highest level in 2½ years as markets tightening amid tensions in Iran and due to ongoing OPEC-led production cuts.
- On Thursday, closing crude values have increased. WTI on NYME closed at $62.01/bbl; prices have increased by $0.38/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.23/bbl in compared to last trading and was assessed around $68.07/bbl.
- As per market analyst, the market is getting more bullish on oil as inventory levels get closer to the five-year average. Geopolitical uncertainty in Iran, OPEC's third largest producer, is also helping to support the price as citizens are again protesting the government.
- Feedstock benzene prices have increased in Asian market this week.
- FOB Korea and CFR China prices of Benzene were evaluated at USD 875/mt and USD 890/mt respectively.
$1 = Rs. 63.37
Import Custom Ex. Rate USD/ INR: 64.50
Export Custom Ex. Rate USD/ INR: 62.80
