Styrene Monomer Weekly Report 17 July 2020

Weekly Price Trend: 13-07-2020 to 17-07-2020

• If we take a quick look at the above given weekly prices, it can be ob served that there has been no change in domestic prices for this week.
• On Friday domestic values were assessed around Rs.70/Kg for bulk quantity at Kandla and for Mumbai ports of India by end of the week. There has been an unprecedented rise in values in this week.
• Prices increased by Rs.10/Kg for this week for both the ports for bulk quantity.

Booking Price

INDIA& INTERNATIONAL 

• The domestic prices of Styrene were assessed at the level of Rs.70/Kg for Kandla and Rs.70/Kg for Mumbai ports. Domestic prices increased significantly for this week.
• FOB Korea values for SM were assessed at the level of USD 660/MT for this week. While CFR China prices were assessed at the level of USD 685/MT for this week.
• FOB Korea values for Benzene were assessed around USD 415/MT for this week. There has been no change in Benzene values for this week. CFR China prices were assessed at the level of USD 428MT for this week.
• Oil prices were broadly stable on Friday in early U.S. trading, as expectations of more economic stimulus programmes balanced concerns about the recovery in fuel demand as coronavirus cases surge and major crude-producing nations ready increases in output.
• Brent crude futures fell 15 cents to $43.22 a barrel by 12:10 EDT (1610 GMT). U.S. West Texas Intermediate (WTI) crude dropped 6 cents to $40.69. Both contracts were on track to remain broadly flat over the week.
• Lawmakers in the United States and the European Union are set to debate the next tranches of stimulus programmes over the coming days. "While virus cases remain on the rise in providing an upside price limiter, expectations for some additional Congressionally driven stimulus appear to be offering support to equities that is spilling into the oil space. Benchmark crudes fell 1% on Thursday after the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, agreed to trim record supply cuts of 9.7 million barrels per day (bpd) by 2 million bpd, starting in August. 

$1 = Rs. 75.02

Import Custom Ex. Rate USD/ INR: 76.10

Export Custom Ex. Rate USD/ INR: 74.40