Styrene Monomer Weekly Report 15 Sep 2018

Weekly Price Trend: 10-09-2018 to 14-09-2018

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 at Kandla while at Mumbai ports prices have increased  and at the end of the week prices were assessed Rs.109/Kg for bulk quantity at Kandla and Rs 110/kg for Mumbai ports of India.

Booking Price

INDIA& INTERNATIONAL

• The domestic prices of Styrene were assessed at the level of Rs.109/Kg for ex Kandla and Rs 110/kg Mumbai ports.
• This week International SM prices have decreased on bearishdemand sentiments.
• Presently SM market is moving with soft velocity.
• This week SM prices have decreased as feedstock benzene prices also have decreased.
• SM prices in Asia down on dull demand trends in China.
• This week CFR India prices of SM were evaluated at USD 1420/MT.
• Oil prices crossed the levels of USD80 by mid of the week, later it fell by more than 2% on Thursday. This hike was the highest in last four months. The international Energy Agency has already warned that the oil market is tightening at the moment and world oil demand would soon reach 100 million barrels per day (bpd) in the next three months, global economic risks were mounting.
• U.S. companies in China are being hurt by tariffs in the growing trade war between Washington and Beijing, according to a survey, prompting U.S. business lobbies to urge President Donald Trump's administration to reconsider its approach.
• The White House has invited Chinese officials to restart trade talks just as it prepares to escalate a trade war with China with tariffs on $200 billion worth of Chinese goods.
• The other major factor is the loss of Iranian oil to the market as refiners are cutting or halting purchase ahead of U.S. sanctions in November is also raising concerns about supply.
• All these factor has put an rigorous pressure on petrochemical industry and has led to hike in the prices of crucial petrochemical products.
• The ongoing trade war between the US and China, has been dampening sentiment in the Asian benzene market. There is no clear resolution expected in the near term for the trade spat between the world’s two biggest economies.
• East China benzene inventories rise to 167,900 tonnes.
• This week benzene prices have decreased.
• FOB Korea and CFR China prices of Benzene were evaluated at USD 850/mt and USD 855/mt respectively.

 $1 = Rs. 71.84
 Import Custom Ex. Rate USD/ INR: 72.55

 Export Custom Ex. Rate USD/ INR: 70.85