Styrene Monomer Weekly Report 15 November 2019

Weekly Price Trend: 11-11-2019 to 15-11-2019

• 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 firm with few alterations in the price for this week.
• On Friday domestic values were assessed around Rs.67/Kg for bulk quantity at Kandla and Rs.69/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.67/Kg for Kandla and Rs. 69/kg Mumbai ports. Domestic prices reduced slightly for this week.
• On other side, FOB Korea values for Styrene were assessed around USD 815-835/MT, reduced by USD 35/MT for this week. CFR China prices also decline for this week. Prices were assessed at the level of USD 865/MT reduced by USD 35/MT for this week. South East Asia prices of SM were evaluated at USD 865/MT.
• On other there was an increase in Benzene prices for this week. Benzene the major source for aromatic products also increased for this week. FOB Korea values for Benzene were assessed around USD 637/MT for this week, while CFR China prices were assessed at the level of USD 675/MT for this week.
• Global oil supply could continue to rise at a rapid pace in 2020, surpassing the increase in demand. According to new figures from the International Energy Agency (IEA), non-OPEC supply could expand by a staggering 2.3 million barrels per day (mb/d), nearly double the expected increase in demand at 1.2 mb/d.
• That forecast doesn’t just depend on substantial growth from U.S. shale (although it does), but also on expected increases from Brazil, Norway and Guyana.
• The surge in output complicates OPEC+’s task as Vienna approaches. The production cuts are currently set to expire at the end of March 2020, but the group is widely expected to extend that agreement through the end of the year.
• “The hefty supply cushion that is likely to build up during the first half of next year will offer cold comfort to OPEC+ ministers gathering in Vienna at the start of next month,” the IEA said. “However, a continuously well-supplied market will lend support to a fragile global economy.”

$1 = Rs. 71.83

Import Custom Ex. Rate USD/ INR: 72.00

Export Custom Ex. Rate USD/ INR: 70.30