Styrene Monomer Weekly Report 1 Feb 2019 01 Feb 19, 05:49 pm

Styrene Monomer Weekly Report 1 Feb 2019

Weekly Price Trend: 28-01-2019 to 01-02-2019

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 has increased heavily for this week.
On Friday domestic values were assessed around Rs.89/Kg for bulk quantity at Kandla and Rs. 91/kg for Mumbai ports of India.

Booking Price

INDIA& INTERNATIONAL

The domestic prices of Styrene were assessed at the level of Rs.89/Kg for Kandla and Rs 91/kg Mumbai ports.
FOB Korea values for Styrene were assessed around USD 1030/M increased by USD 50/MT for this week. On other side CFR China prices also decreased by USD 1070/MT, increased by USD 50/MT in compare to last week’s closing values.
South East Asia prices of SM were evaluated at USD 1020/MT. Here also improvement in the values was observed.
Benzene FOB Korea prices also remained firm and strong for this week. FOB Korea values were assessed around USD 575/MT. On other side CFR China prices were assessed around USD 600/MT for this week.
Prices are likely to remain tight in the first half of 2019 as many units are likely to undergo maintenance. SM plant turnarounds in Asia -- particularly in South Korea and Taiwan which have been scheduled between March and May -- could support prices.
Chinese demand growth is expected, even though at a weaker rate than earlier, owing to the slowdown in economic growth in China. An additional 1.4 million mt/year plant capacity is expected in China towards the end of 2019.
The market has been waiting for budget 2019 which was appreciated and has been given thumbs up all the sectors.
There has been rise in crude values with positive talks in international market. The prices rise has been in particular due to cut in the supply to the US from Saudi Arabia.
The price rise came after a report from the U.S. Energy Information Administration (EIA) on Wednesday showed a drop in Saudi crude supply to the United States.
Crude oil prices were stronger after signs emerged that OPEC cuts are impacting trade. EIA's weekly report showed that U.S. imports from Saudi Arabia fell by more than half from the previous week to 442,000 barrels per day (bpd).
The trade talk between US and China in coming days with positive hopes and substantial rise in talks.
Meanwhile US sanctions imposed on Venezuela firm with many stocks stuck at ports is likely to accelerate supply drop in oil.
Much Venezuelan crude oil is rated as heavy and requires the light petroleum naphtha, much of it supplied from the United States, for dilution before export to refineries.
US Styrene and Polystyrene manufacturer America’s Styrenics (AmSty) has shut down its Styrene plant for annual maintenance turnaround. The unit is likely to remain off-stream for around 45 days. Americas Styrenics has two styrene lines at St. James with an estimated capacity of near 952,000 mt.