Styrene Monomer Weekly Report 10 May 2019
Weekly Price Trend: 06-05-2019 to 10-05-2019
- 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 remained vulnerable and has been consistently increasing on back of rise in crude values.
- On Friday domestic values were assessed around Rs.78/Kg for bulk quantity at Kandla and Rs.80/kg for Mumbai ports of India reduced by Rs.2/Kg for bulk quantity.
Booking Price
INDIA& INTERNATIONAL
- The domestic prices of Styrene were assessed at the level of Rs.78/Kg for Kandla and Rs 80/kg Mumbai ports. Domestic prices has reduced by Rs2./Kg for bulk quantity for both the ports.
- On other side, FOB Korea values for Styrene were assessed around USD 1045-1065/MT, increased by USD 15/MT in this one week. On other side CFR China prices also increased by USD 15/MT for this week and were assessed at the levels of USD 1095/MT for this week. South East Asia prices of SM were evaluated at USD 1060/MT.
- Benzene FOB Korea prices were assessed at the level of USD 620/MT reduced by USD 5/MTS in international prices. On other side CFR China prices were assessed around USD 614/MT for this week.
- Crude oil prices are heading on higher note since last few weeks following first day of US-China trade talks. Sentiment got an uptick following a report that Trump, Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer were talking about progress in negotiations. The fate of the commodity, and whether or not gains may last likely depends on the outcome of the negotiations.
- The end of the U.S. sanction waivers for all Iranian all buyers means that Iran’s oil exports will drop as of this month, but no one is really sure by how much. Various analysts expect that Iran will continue to ship oil somewhere between 200,000 bpd and 600,000 bpd, but not all that oil would be oil sales as it could be debt repayment, and some of it is expected to go ‘under the radar’.
- All these uncertainties in oil supply are making OPEC’s decision making more difficult as the cartel and allies are getting ready to hold a panel of technical committees later this month in Jeddah, Saudi Arabia, to discuss the state of the oil market and the supply and demand balance.
PLANT NEWS
SM unit shut down by Shandong Huaxing
- Shandong Huaxing Petrochemical has shut down its SM unit for maintenance turnaround. The unit has been shutdown as per annual maintenance schedule. It is likely to remain off-stream for 40 days and is expected to restart its production by the first week of June 2019.
- Unit is based at Shandong in China and has the production capacity of 80,000 tonnes/year.
$1 = Rs. 69.91
Import Custom Ex. Rate USD/ INR: 70.45
Export Custom Ex. Rate USD/ INR: 68.80
