Styrene Monomer Weekly Report 08 Sep 2018

Weekly Price Trend: 03-09-2018 to 07-09-2018

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 increased at Kandla while at Mumbai ports prices have remained firm and at the end of the week prices were assessed Rs.109/Kg for bulk quantity at Kandla and Rs 109/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 109/kg Mumbai ports.
• This week International SM prices have increased on bullish demand sentiments.
• Presently SM market is moving with up velocity.
• This week SM prices have increased while feedstock benzene prices have decreased.
• This week CFR India prices of SM were evaluated at USD 1465/MT.
• Covestro lifts styrene monomer force majeure at Maasvlakte, Netherlands facility.
• There has been continuous soaring in crude prices in this week. The US inventories have fell to their lowest levels since February 2015.  US West Texas Intermediate (WTI) crude futures were at $67.90 per barrel at 0056 GMT, up 13 cents, or 0.2 per cent, from their last settlement. 
• International Brent crude futures climbed 12 cents, or 0.2 per cent, to $76.62 a barrel. With release of Oil inventory data last night, a large number has been drawn from crude inventories.
• Global oil markets have tightened over the last month, pushing up Brent prices by more than 10 per cent since the middle of August. Investors anticipate less supply from Iran as US sanctions on Tehran begin to bite.
• With ship-tracking data now pointing at a reduction in Iranian exports, renewed strife in Libya, and Venezuelan export availability hobbled by an accident at the key Jose terminal, the list of bullish headlines is getting longer,” said Michael Dei-Michei, head of research at Vienna consultancy JBC Energy.
• US is quite actively tracking the flow of crude and has managed to use its sanctions very actively against Iran. They are forcing many western companies to cease export from Iran and avoid trading with them.
• Contrary to this India and China are making efforts to continue their imports from using one or other way. Global oil markets have tightened over the last month, pushing up Brent prices by more than 10 per cent since the middle of August. Investors anticipate less supply from Iran as US sanctions on Tehran begin to bite.
• This week East China feedstock benzene inventories rise by 4.7%.
• This week benzene prices have decreased.
• FOB Korea and CFR China prices of Benzene were evaluated at USD 870/mt and USD 880/mt respectively.

 $1 = Rs. 71.73
 Import Custom Ex. Rate USD/ INR: 71.10

 Export Custom Ex. Rate USD/ INR: 69.40