Styrene Monomer Weekly Report 13 May 2017

Weekly Price Trend: 08-05-2017 to 12-05-2017

• 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 have decreased in compare to previous week and at the end of the week prices were assessed Rs.77/Kg for bulk quantity at Kandla and Rs 78/kg for Mumbai ports of India.

Booking Price

INDIA& INTERNATIONAL

• The domestic prices of Styrene were assessed at the level of Rs.77/Kg for ex Kandla and Rs 78/kg Mumbai ports.
• CIF India prices were assessed at the level of USD 1170/MT.
• This week FOB Korea prices were assessed USD 990/MTS prices have decreased in compared to last week’s closing prices.
• CFR China prices were assessed in the range of USD 1005-1025/MTS, prices decreased in compare to previous week.
• Presently SM market has been bearish no trade deals has been heard from end users.
• As per report, Styrene monomer market softens this week with the price down below 9,000yuan/mt in East China. CFR China market also remained weak.
• Middle East PS declines further as feedstock SM weakens.
• This week oil prices have followed up inclination with minute plunge. Last week U.S. crude stockpiles posted their biggest drawdown since December as imports dropped sharply, while inventories of refined products also fell, helping boost oil prices that have been weighed down by concerns about oversupply.
• According to report a large part of the excess supply overhang contained in floating storage facilities has been reduced and the improvement in the world economy will help support oil demand too.
• However, continued rebalancing in the oil market by year-end will require the collective efforts of all oil producers to increase market stability, not only for the benefit of the individual countries, but also for the general prosperity of the world economy, As per report.
• OPEC is due to meet later this month in the hope of striking a second deal to secure a year of production cuts. The twelve member states will be joined by Russia, but US production remains a concern.
• On Thursday, closing crude values have increased.WTI on NYME closed at $47.83/bbl, prices have increased by $0.50/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.55/bbl in compared to last trading and was assessed around $50.77/bbl.
• This week upstream benzene prices have plunged.
• FOB Korea and CFR China prices of Benzene were evaluated at USD 720/mt and USD735/mt respectively.

$1 = Rs. 64.30
Import Custom Ex. Rate USD/ INR: 65.10
Export Custom Ex. Rate USD/ INR: 63.40