Styrene Monomer Weekly Report 08 July 2017

Weekly Price Trend: 03-07-2017 to 07-07-2017

• 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 1140/MT.
• This week FOB Korea prices were assessed USD 1105/MTS prices have decreased in compared to last week’s closing prices.
• CFR China prices were assessed in the range of USD 1120-1140/MTS, prices have decreased in compare to previous week.
• China's Ningbo Keyuan Plastics is planning to start of SM unit on 15 July.
• Styrene inventory levels in East China fell to the lowest level since January 13 this year, at 51,600 mt.
• This week oil prices have followed volatile inclination. On Thursday oil prices closed on slightly up note  after a sharp but short-lived boost from a much bigger-than-expected decline in U.S. inventories of crude oil and gasoline. WTI on NYME closed at $45.52/bbl, prices have increased by $0.39/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.32/bbl in compared to last trading and was assessed around $48.11/bbl. Market players said the surge was driven by traders closing out short positions, or bets that oil prices would fall.
• There's a lot of bearishness out there now the market is still believing supplies are not going to be in balance globally. Investors believe the OPEC will need to make further output cuts to offset thriving shale production in the United States.
• U.S. gasoline stocks dropped 3.7 million barrels in the most recent week, far exceeding the expected drop of 1.1 million barrels. Still, gasoline inventories remain about 6 percent above seasonal averages, so investors will watch for July data to see if demand is strong enough to whittle down stocks.
• Benzene inventories along eastern China rise to 108,500 tonnes.
• China's benzene imports fall by 29.4% month on month in May
• FOB Korea and CFR China prices of Benzene were evaluated at USD 725/mt and USD740/mt respectively.

$1 = Rs. 64.59
Import Custom Ex. Rate USD/ INR: 65.65
Export Custom Ex. Rate USD/ INR: 63.95