Styrene Monomer Weekly Report 11 September 2020

Weekly Price Trend: 07-09-2020 to 11-09-2020

• If we take a quick look at the above given weekly prices, it can be observed that there has been decline in domestic prices in the initial days of the week itself.
• On Friday domestic values were assessed around Rs.55/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.55/Kg for Kandla and for Mumbai ports. Domestic prices stable with no change in values for this week.
• FOB Korea values for SM were assessed at the level of USD 655/MT for this week. While CFR China prices were assessed at the level of USD 650/MT for this week.
• FOB Korea values for Benzene were assessed around USD 415/MT for this week. There has been reduction of USD 15/MT for this week. CFR China prices were assessed at the level of USD 425/MT for this week.
• Asian petrochemical segment remained stable and calm in spite of shutdown of major refineries across the globe. There has been shutdown of major refineries in US due to hurricane Laura in southwest Louisiana.
• The havoc of Coronavirus seems to be unending in India. The cases has been highest in the world and it has been affecting the Indian economy very badly. This in turn has affected the demand in petrochemical industry. The GDP of the country has been lowest in last 24 years.
• With upliftment of restriction the number of cases has increased by many folds.
• Demand sentiments has become very weak for petrochemical industry with slowdown in buying from end user prompting for reduction in prices.
• The Indian economy has battered due to lockdowns and disruption in supply and further shattered consumer demands. Government is concerned and working hard for the sustainable growth in fourth quarter.
• On Thursday closing, there was significant decline in crude prices. WTI on NYME closed at $37.30/bbl. Prices reduced by $0.75/bbl in compared to last closing prices. While Brent on Inter Continental Exchange has reduced by $0.73/bbl in compare to last closing price and was assessed around $40.06/bbl.

$1 = Rs. 73.53 

Import Custom Ex. Rate USD/ INR: 74.10

Export Custom Ex. Rate USD/ INR: 72.40