Styrene Monomer Weekly Report 14 August 2020

Weekly Price Trend: 10-08-2020 to 14-08-2020

• If we take a quick look at the above given weekly prices, it can be observed that there has been decline in domestic prices for this week.
• On Friday domestic values were assessed around Rs.60/Kg for bulk quantity at Kandla and for Mumbai ports of Indiaby end of the week.Prices remained weak for this week.

Booking Price

INDIA& INTERNATIONAL 

• The domestic prices of Styrenewere assessed at the level of Rs.60/Kg for Kandla and for Mumbai ports. Domestic pricesreduced by Rs 2/Kg for this week.
• FOB Korea values for SM were assessed at the level of USD 640/MT for this week. While CFR China prices were assessed at the level of USD 665/MT for this week.
• FOB Korea values for Benzene were assessed around USD 430/MT for this week. There has been decline in Benzene values. CFR China prices were assessed at the level of USD 440MT for this week.
• There have been heavy rains in the western part of India specifically Mumbai which has halted all the port as well as other operations.
• There has been mixed trend in petrochemical market. Prices for the specific category of chemicals have been declining with slowdown in demand. Petrochemical segment has been struggling owing oversupply. There has been steep decline in consumption as most of the economies in Asian subcontinent are passing through major recession phase.
• To add to their woes the downstream industry continues to operate at reduced rates due to poor demand and supply factors. Inventories are piling up in domestic industry which is an alarming signal for everyone.
• Most major countries in Southeast Asia posted sharp economic contractions in the second quarter, while the number of infections in countries such as Indonesia, the Philippines and India continue to spike.
• Producers are not lowering offers substantially to maintain some margins due to a relatively stable feedstock acetic acid market.
• China, which was the original epicentre of the outbreak, new cases is still being reported daily.
• India stands fourth in the tally of highest number of Covid infections 

$1 = Rs. 74.88

Import Custom Ex. Rate USD/ INR: 75.75

Export Custom Ex. Rate USD/ INR: 74.00