Styrene Monomer Weekly Report 19 June 2020 22 Jun 20, 12:14 pm

Styrene Monomer Weekly Report 19 June 2020

Weekly Price Trend: 15-06-2020 to 19-06-2020

If we take a quick look at the above given weekly prices, it can be observed that there has been slowdown in domestic prices for this week.
On Friday domestic values were assessed around Rs.52/Kg for bulk quantity at Kandla and for Mumbai ports of India by end of the week. Domestic values have reduced in this week.

Booking Price

INDIA& INTERNATIONAL

The domestic prices of Styrene were assessed at the level of Rs.52/Kg for Kandla and Rs.52/Kg for Mumbai ports. Domestic prices have reduced for this week.
On other side, FOB Korea values for Styrene were assessed around USD 620-640/MT, for this week. Prices remained unchanged for this week. CFR China prices were assessed at the level of USD 670/MT again with no change in values in this week. South East Asia prices of SM were evaluated at USD 660/MT.
FOB Korea values for Benzene were assessed around USD 425/MT for this week. There has been decline of USD 10/MT in Benzene values for this week. The outbreak in prices of crude has affected whole of the petrochemical market. CFR China prices were assessed at the level of USD 430/MT for this week.
There has been big slump in crude prices for this week. Oil prices crashed by 7 percent on Thursday, after the EIA reported on Wednesday.
On Wednesday, closing crude values have decreased. WTI on NYME closed at $37.96/bbl. Prices have decreased by 0.42/bbl in compared to last closing prices. While Brent on Inter Continental Exchange is decreased by 0.25/bbl in compare to last closing price and was assessed around $40.71/bbl.
Fears of a second wave of coronavirus pandemic and escalating global geopolitical tensions continue to support gold’s haven demand. Meanwhile, hopes of a quick economic recovery and a steady dollar are likely to limit major upsides.
The face-off between India and China has been the talk of discussion throughout this week.
The tight situation on the borders has affected the peace among two nations and the situation is likely to last for a while.
China is one of the biggest exporters of petrochemical to India. If tensions continued then there will be major impact on petrochemical imports from China.
Asian petrochemical lowered heavily while oil prices declined on Monday over revival of news cases and fears of a second coronavirus wave in view of recent spikes in the US and China.
"US COVID-19 remains on the radar as infection cases topped 2mln while many states in US like Texas, Arizona, Florida, North Carolina, are experiencing rising COVID-19 infection increasing ICU utilization, even as the states are undertaking plans to reopen their economies," Singapore-based UOB Global Economics & Markets Research said.
Global cases of the coronavirus are approaching 8m, with India's cases surpassing 300,000 on Sunday, according to latest World Health Organization (WHO) data.
China on 13 June imposed lockdowns in parts of Beijing following evidence of a new virus cluster at one of its districts.
All the economies around the world are worried and are under great pressure due to Covid 19.
Asian petrochemical lowered heavily while oil prices declined on Monday over revival of news cases and fears of a second coronavirus wave in view of recent spikes in the US and China.
"US COVID-19 remains on the radar as infection cases topped 2mln while many states in US like Texas, Arizona, Florida, North Carolina, are experiencing rising COVID-19 infection increasing ICU utilization, even as the states are undertaking plans to reopen their economies," Singapore-based UOB Global Economics & Markets Research said.
Global cases of the coronavirus are approaching 8m, with India's cases surpassing 300,000 on Sunday, according to latest World Health Organization (WHO) data.
China on 13 June imposed lockdowns in parts of Beijing following evidence of a new virus cluster at one of its districts.
All the economies around the world are worried and are under great pressure due to Covid 19.