Styrene Monomer Weekly Report 18 March 2017

Weekly Price Trend: 13-03-2017 to 17-03-2017

• 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 plunged in compare to previous week and at the end of the week prices were assessed Rs.99/Kg for bulk quantity at Kandla and Rs 100/kg for Mumbai ports of India.

Booking Price

INDIA& INTERNATIONAL

• The domestic prices of Styrene were assessed at the level of Rs.99/Kg for ex Kandla and Rs 100/kg Mumbai ports.
• CIF India prices were assessed at the level of USD 1300/MT.
• This week FOB Korea prices were assessed USD 1270-1290/MTS prices have increased in compared to last week’s closing prices.
• CFR China prices were assessed in the range of USD 1300-1320/MTS, prices increased in compare to previous week.
• Presently SM market is moving with soft haste no major deals has been heard.
• In near term SM markets is expected to contribute to the bearishness in the Asian ethylene market.
• As per report, Leasty Chemical planning to close its one styrene line on 20th March.
• This week oil prices have followed mixed trend. On Thursday oil prices have plunged after a big increase as rising output from the U.S. remained a threat to efforts by other major producers to rebalance the market. Oil prices continued to find some support Wednesday prices showing the drop in U.S. crude supply in, as well as weaker dollar in the wake of the Federal Reserve’s less-hawkish-than-expected rate announcement.
• As per report, Global oil inventories rose for the first time in six months in January, despite the OPEC agreement. Iraq is planning to boost output later in the year even as the OPEC member reaffirmed its commitment to the group’s decision to cut production to counter a global glut.
• Some market players have said t hat in near term crude oil prices to trade positive on the back of surprise drawdown in U.S. crude inventories.
• On Thursday, closing crude values have decreased.WTI on NYME closed at $48.75/bbl, prices have decreased by $0.11/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $0.07/bbl in compared to last trading and was assessed around $51.74/bbl.
• For the current week SM prices have decreased as feedstock benzene prices also have decreased.
• FOB Korea and CFR China prices of Benzene were evaluated at USD 800/mt and USD810/mt respectively.

$1 = Rs. 65.46
Import Custom Ex. Rate USD/ INR: 66.20
Export Custom Ex. Rate USD/ INR: 64.50