Styrene Monomer Weekly Report 11 October 2019
Weekly Price Trend: 07-11-2019 to 11-10-2019
- 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 improved slightly for this week.
- On Friday domestic values were assessed around Rs.72/Kg for bulk quantity at Kandla and Rs.74/kg for Mumbai ports of India reduced by Rs.2/Kg since beginning of the week.
Booking Price
INDIA& INTERNATIONAL
- The domestic prices of Styrene were assessed at the level of Rs.72/Kg for Kandla and Rs. 74/kg Mumbai ports. Domestic prices reduced by end of the week.
- On other side, FOB Korea values for Styrene were assessed around USD 935-955/MT, reduced by USD 50/MTS for this week. CFR China prices also decline significantly for this week and were assessed at the level of USD 975-995/MT. South East Asia prices of SM were evaluated at USD 985/MT.
- Benzene is the major raw material for Phenol production. Benzene the major source for aromatic products also remained unchanged for this week. FOB Korea values for Benzene were assessed around USD 660/MT for this week, while CFR China prices were assessed at the level of USD 680/MT for this week.
- There has been rise in crude prices on back of building on gains in the previous session, after producer club OPEC hinted at making deeper cuts in supply while optimism was revived over talks between the United States and China to end their trade war.
- On Thursday Mohammad Barkindo, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), said all options were on the table, including a deeper supply cut to balance oil markets. A decision would be taken at a December meeting between the OPEC and its partners, he said.
- OPEC lowered its 2019 global oil demand growth forecast to 0.98 million barrels per day (bpd), while leaving its 2020 demand growth estimate unchanged at 1.08 million bpd, according to OPEC's monthly report
- Beyond OPEC, trade talks between the United States and China also remained on market radar as the world's top two economies seek to resolve a more-than-a-year-long trade row that has slowed global economic growth and curbed fuel consumption.
- On Thursday, closing crude values have increased. WTI on NYME closed at $53.55/bbl. Prices have increased by 0.96/bbl in compared to last closing prices. While Brent on Inter Continental Exchange is increased by 0.78/bbl in compare to last closing price and was assessed around $59.10/bbl
PLANT NEWS
Cracker restarted by BASF in Germany
- BASF has restarted production of its cracker after a brief maintenance schedule. The unit was based at Ludwigshafen. Earlier the unit was shut down in the mod of August for an annual maintenance schedule.
- Unit is based at Ludwigshafen in Germany and has the production capacity of ethylene around 235,000 mt/year and a propylene production capacity of 125,000 mt/year.
$1 = Rs. 71.02
Import Custom Ex. Rate USD/ INR: 72.15
Export Custom Ex. Rate USD/ INR: 70.45
