Styrene Monomer Weekly Report 17 June 2017

Weekly Price Trend: 12-06-2017 to 16-06-2017
 

• 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 remained firm in compare to previous week and at the end of the week prices were assessed Rs.78/Kg for bulk quantity at Kandla and Rs 79/kg for Mumbai ports of India.

Booking Price

INDIA& INTERNATIONAL

• The domestic prices of Styrene were assessed at the level of Rs.78/Kg for ex Kandla and Rs 79/kg Mumbai ports.
• CIF India prices were assessed at the level of USD 1160/MT.
• This week FOB Korea prices were assessed USD 1125/MTS prices have increased in compared to last week’s closing prices.
• CFR China prices were assessed in the range of USD 1140-1160/MTS, prices have increased in compare to previous week.
• This week with the increase in demand sentiments SM prices have increased.
• China plans to imposing anti dumping duties on imports of Styrene monomer from South Korea. ADD was a result of a recent petition filed by Chinese producers to decrease competition from South Korea. As per report, ADDs would be imposed any time soon.
• South Korea is the largest exporter of styrene monomer to China, shipping 1.23 million mt of styrene in 2016, or 35% of China's SM imports.
• China's domestic SM production stands at about 8.39 million mt/year, according to industry sources.
• China market to see limited impact from ADD probe on S Korean SM, as per market source.
• This week oil prices have followed volatile trend and on Thursday oil market has closed on downward note. This week the global oil market have remained awash in surplus oil, rising U.S. crude production and weak domestic gasoline demand kept pressure on prices.
• As per report, the outlook for the energy market will remain bearish. OPEC’s agreement with non-OPEC members “remains brittle as none of those participating are happy about the arrangement. In the U.S., the trend of rising production remains strong while gasoline demand has been soft so oil production is expected to continue to rise steadily this summer. High exports and production from other countries, including Russia and the United States, are also contributing to the ongoing glut.
• On Thursday, closing crude values have decreased.WTI on NYME closed at $44.46/bbl, prices have decreased by $0.27/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $0.08/bbl in compared to last trading and was assessed around $46.92/bbl.
• This week feedstock benzene prices have increased.
• FOB Korea and CFR China prices of Benzene were evaluated at USD 765/mt and USD785/mt respectively.

$1 = Rs. 64.42
Import Custom Ex. Rate USD/ INR: 65.15
Export Custom Ex. Rate USD/ INR: 63.50