Styrene Monomer Weekly Report 14 June 2019

Weekly Price Trend: 10-06-2019 to 14-06-2019

• 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 has remained soft-to-stable for this week.
• On Friday domestic values were assessed around Rs.76/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.76/Kg for Kandla and Rs. 78/kg Mumbai ports. Domestic prices reduced for this week.
• On other side, FOB Korea values for Styrene were assessed around USD 1040-1060/MT, increased USD 40/MT in this week. On other side CFR China prices also increased for this week. Prices were increased by USD 40/MT for this week and were assessed at the level of USD 1090/MT for this week. South East Asia prices of SM were evaluated at USD 1040/MT.
• Benzene the major source for SM has also improved for this week and were assessed at the level of USD 615/MT, increased by USD 10/MT for this week. CFR China prices were assessed at the level of USD 600/MT.
• Oil prices remained flat most of the week with no major change until Thursday. On Thursday there was significant hike as there were two oil tankers hit by explosions in the Gulf of Oman between Iran and the United Arab Emirates (UAE).
• By Thursday morning, WTI Crude was surging 3.17% at $52.76, while Brent Crude was soaring 3.42% at $62.02, as renewed tension in the Middle East has the market worried that oil supply along the world’s most important chokepoints in the region may be under threat.
• The suspected attacks occurred one month after the UAE said in May that a total four vessels were attacked off its coast at the port of Fujairah, the world’s second-largest bunkering port.
• On Thursday day, closing crude values have increased. WTI on NYME closed at $52.28/bbl. Prices have increased by 1.14/bbl in compared to last closing prices. While Brent on Inter Continental Exchange is increased by 1.34/bbl in compare to last closing price and was assessed around $61.31/bbl. 

$1 = Rs. 69.83

Import Custom Ex. Rate USD/ INR: 70.30

Export Custom Ex. Rate USD/ INR: 68.60