Styrene Monomer Weekly Report 06 May 2017

Weekly Price Trend: 01-05-2017 to 05-05-2017

• 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 decreased in compare to previous week and at the end of the week prices were assessed Rs.80/Kg for bulk quantity at Kandla and Rs 81/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 81/kg Mumbai ports.
• CIF India prices were assessed at the level of USD 1170/MT.
• This week FOB Korea prices were assessed USD 1035/MTS prices have decreased in compared to last week’s closing prices.
• CFR China prices were assessed in the range of USD 1050-1070/MTS, prices decreased in compare to previous week.
• This week again SM prices have plunged as demand sentiments have been lower and oil prices constantly plunging..
• In China market SM prices sharply have declined, presently all the chemicals market is moving with downward pace.
• Qilu Petrochemical closes styrene plant amid problems, as per source.
• As per market players near term demand outlook will be uncertain.
• As per source, China’s Jiangsu Leasty Chemical is operating its 210,000 tonne/year styrene monomer (SM) plant in Jiangsu at reduced rates.
• Presently market have been bearish, from end users no major deals has been ascertained.
• This week oil prices have followed little volatility and at the end of the week prices sharply have plunged. On Thursday oil prices crashed to five-month lows as concerns about global oversupply wiped out all of the price gains since OPEC's move to cut output.
• Analysts agreed the steep price falls would likely force OPEC members to extend production cuts later this month, but the prospect of deeper cuts appeared slim. OPEC is scheduled to meet on May 25 to decide whether to extend the cuts.
• On Thursday, closing crude values have decreased.WTI on NYME closed at $45.52/bbl, prices have decreased by $2.30/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $2.41/bbl in compared to last trading and was assessed around $48.38/bbl.
• As per market analyst the current rate of cuts, is sufficient to result in demand outstripping global output by 1 million barrels a day in the second half of 2017 as seasonal demand picks up. it is becoming apparent that the profit margins of many of the chemical majors could be improved quit as oil prices declining with pace rapid.
• For the current week SM prices have decreased as feedstock benzene prices also have decreased on account of dull buying sentiment across the region.
• FOB Korea and CFR China prices of Benzene were evaluated at USD 745/mt and USD755/mt respectively.

$1 = Rs. 64.37
Import Custom Ex. Rate USD/ INR: 65.10
Export Custom Ex. Rate USD/ INR: 63.40