Styrene Monomer Weekly Report 15 April 2017

Weekly Price Trend: 10-04-2017 to 14-04-2017

• 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 increased in compare to previous week and at the end of the week prices were assessed Rs.90/Kg for bulk quantity at Kandla and Rs 91/kg for Mumbai ports of India.

Booking Price

INDIA& INTERNATIONAL

• The domestic prices of Styrene were assessed at the level of Rs.90/Kg for ex Kandla and Rs 91/kg Mumbai ports.
• CIF India prices were assessed at the level of USD 1300/MT.
• This week FOB Korea prices were assessed USD 1180/MTS prices have decreased in compared to last week’s closing prices.
• CFR China prices were assessed in the range of USD 1200-1220/MTS, prices decreased in compare to previous week.
• This week oil prices have increased with the increase in oil SM prices also have increased.
• This week market have followed mixed demand sentiments in domestic market, while in China prices market prices have plunged little bit.
• This week oil prices oil prices have followed little volatility but overall it was strong week for crude. On Thursday that supply and demand in the global oil market were close to matching after a fall in stockpiles in developed countries in March.
• As per report, the market has been oversupplied for three years, prompting members of the OPEC and some non-OPEC producers to agree to cut output in the first six months of 2017 to rein in the glut. OPEC meets on May 25 to consider extending the cuts beyond June.
• U.S. production to continue rising, both onshore and offshore, which will act as a headwind for the market.
• As per market analyst, refinery runs are picking up, and driving season is around the corner, so inventories will start going down soon. Amid so much uncertainty, the only thing that is certain is that crude oil production is growing, and there are no signs that this will change while the going is good and prices stay above $50 a barrel.
• On Thursday, closing crude values have increased.WTI on NYME closed at $53.18/bbl, prices have increased by $0.07/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.03/bbl in compared to last trading and was assessed around $55.89/bbl.
• For the current week SM prices have increased as feedstock benzene prices also have increased.
• FOB Korea and CFR China prices of Benzene were evaluated at USD 850/mt and USD855/mt respectively.

$1 = Rs. 64.41
Import Custom Ex. Rate USD/ INR: 65.90
Export Custom Ex. Rate USD/ INR: 64.20