Styrene Monomer Weekly Report 10July 2020

Weekly Price Trend: 06-07-2020 to 10-07-2020

• If we take a quick look at the above given weekly prices, it can be ob served that there has been no change in domestic prices for this week.
• On Friday domestic values were assessed around Rs.62/Kg for bulk quantity at Kandla and for Mumbai ports of India by end of the week. 

Booking Price

INDIA& INTERNATIONAL 

• The domestic prices of Styrene were assessed at the level of Rs.62/Kg for Kandla and Rs.62/Kg for Mumbai ports. Domestic prices remained unchanged for this week.
• FOB Korea values for SM were assessed at the level of USD 675/MT for this week. While CFR China prices were assessed at the level of USD 690/MT for this week.
• FOB Korea values for Benzene were assessed around USD 415/MT for this week. There has been slight decline of USD 3/MT in Benzene values for this week. CFR China prices were assessed at the level of USD 428MT for this week.
• The face-off between India and China has been major concern for global petrochemical market. India this week has banned the apps and is focusing more on Make in India rather importing from China. The tensions has been escalating day by day where China has been conquering the lands in south Asia and creating tensions with neighboring countries.
• Oil declines as there has been rise in corona cases which worries oil demand. Prices decline as the resurrection of the coronavirus globally and in the United States, the world's largest oil consumer, dimmed the prospects of fuel demand recovery.
• Increases in the daily cases of the coronavirus, and globally as well has pressured prices. New U.S. COVID-19 cases rose by more than 50,000 on Thursday, setting a record for a third consecutive day.
• The market has become increasingly confident that easing restrictions on travel and business would boost demand for crude oil, but the pandemic's progress threatens to derail this recovery.
• As of now, 19 out of the 33 petrochemical products witnessed lower prices than at the beginning of the month while for the rest, almost a half saw limited price gains. 

$1 = Rs. 75.20

Import Custom Ex. Rate USD/ INR: 76.40

Export Custom Ex. Rate USD/ INR: 74.70