Styrene Monomer Weekly Report 14 February 2020

Weekly Price Trend: 10-02-2020 to 14-02-2020

• If we take a quick look at the above given weekly prices, it can be observed that for the current week prices increased this week.
• On Friday domestic values were assessed around Rs.72/Kg for bulk quantity at Kandla and Rs.73/kg 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.72/Kg for Kandla and Rs. 73/kg Mumbai ports. Domestic prices have improved slightly for this week.
• On other side, FOB Korea values for Styrene were assessed around USD 785-805/MT, reduced by USD 20/MT for this week. CFR China prices also reduced for this week. Prices were assessed at the level of USD 820/MT. South East Asia prices of SM were evaluated at USD 805/MT.
• Benzene the major source for aromatic products also decline heavily for this week. FOB Korea values for Benzene were assessed around USD 659/MT for this week, remained unchanged for this week while CFR China prices were assessed at the level of USD 660/MT for this week again reduced by USD20/MT for this week.
• Oil futures ended higher Thursday, extending their streak of gains to a third straight session, as the potential for OPEC+ output cuts fuelled some optimism, despite a rise in the number of COVID-19 cases in China and lower forecasts for oil demand growth.
• Analysts said the fall in crude oil futures in the initials of the week was mostly due to trimming of positions by traders amid weak spot demand.
• Crude prices are cautiously eyeing a three-day winning streak amid a broader bearish move, as potential OPEC+ action and efforts to contain COVID-19 spread leave room for optimism,” said Robbie Fraser, senior commodity analyst at Schneider Electric, in a note.
• While confirmed cases of COVID-19…recently spiked according to reports out of China’s Hubei province, the increase is being attributed to a change in methodology for diagnosing the virus rather than a sudden increase in transmission.
• On Thursday, closing crude values have increased. WTI on NYME closed at $51.42/bbl. Prices have increased by 0.25/bbl in compared to last closing prices. While Brent on Inter Continental Exchange is increased by 0.55/bbl in compare to last closing price and was assessed around $56.34/bbl.

$1 = Rs. 71.40

Import Custom Ex. Rate USD/ INR: 72.15

Export Custom Ex. Rate USD/ INR: 70.45