Styrene Monomer Weekly Report 13 March 2020

Weekly Price Trend: 09-03-2020 to 13-03-2020

• If we take a quick look at the above given weekly prices, it can be observed that for the current week prices reduced for this week.
• On Friday domestic values were assessed around Rs.64/Kg for bulk quantity at Kandla and Rs.65/Kg for Mumbai ports of India by end of the week. Domestic values have reduced heavily for this week.

Booking Price

INDIA& INTERNATIONAL 

• The domestic prices of Styrene were assessed at the level of Rs.64/Kg for Kandla and Rs.65/Kg for Mumbai ports. Domestic prices have reduced significantly for this week.
• On other side, FOB Korea values for Styrene were assessed around USD 715-735/MT, reduced by USD 85/MT for this week. CFR China prices also reduced heavily for this week. Prices were assessed at the level of USD 755/MT. South East Asia prices of SM were evaluated at USD 815/MT.
• Benzene the major source for aromatic products has slightly reduced for this week. FOB Korea values for Benzene were assessed around USD 525/MT for this week, reduced by USD 95/MTS for this week while CFR China prices were assessed at the level of USD 545/MT for this week again reduced by USD95/MT for this week.
• Global petrochemical markets crashed this week heavily as Coronavirus declared pandemic. This virus continues to spread in Asian countries. In a major decision, US government has cancelled all its air travel from Europe for 30 days. It has created a major uncertainty for producers, traders and end-users affecting heavily to the Asian market for time being.
• The pandemic has already affected gasoline demand, which affects gasoline blendstocks like mixed xylenes, toluene and MTBE, a source said, adding that if the economic situations does not improve "people will stop buying clothes and pet bottles, which will affect the entire polyester chain."
• Global consumer demand is slowing and this will exacerbate bearish market fundamentals in the methanol market, trade sources said.
• On Thursday, closing crude values have decreased. WTI on NYME closed at $31.50/bbl. Prices have decreased by 1.48/bbl in compared to last closing prices. While Brent on Inter Continental Exchange is decreased by 2.57/bbl in compare to last closing price and was assessed around $33.22/bbl 

PLANT NEWS 

Styrene Monomer unit shut down by Lotte Chemical

• Lotte Chemical has shut down its SM unit for maintenance. The company declared force majeure on its unit due to outage of its cracker unit. The supplies for SM unit were cut down as unplanned shutdown was carried on its cracker.
• Unit is based at Daesan in South Korea and has the production capacity of 5,80,000 mt/year.

$1 = Rs. 73.89

Import Custom Ex. Rate USD/ INR: 74.25

Export Custom Ex. Rate USD/ INR: 72.55