Styrene Monomer Weekly Report 2 August 2019

Weekly Price Trend: 22-07-2019 to 26-07-2019

• 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 has reduced slightly for this week.
• On Friday domestic values were assessed around Rs.86/Kg for bulk quantity at Kandla and Rs.88/kg for Mumbai ports of India.

Booking Price

INDIA& INTERNATIONAL 

• The domestic prices of Styrene were assessed at the level of Rs.88/Kg for Kandla and Rs. 86/kg Mumbai ports. Domestic prices increased in mid of the week but by end of the week it settled down to its previous range.
• On other side, FOB Korea values for Styrene were assessed around USD 1005-1025/MT, reduced by USD 5/MT in this week. On other side CFR China prices slightly decreased for this week and were assessed at the level of USD 1055/MT for this week. South East Asia prices of SM were evaluated at USD 1055/MT.
• Benzene the major source for aromatic products has also improved for this week. FOB Korea values for Benzene were assessed around USD 663/MT, increased by USD 8/MT for this week, while CFR China prices also increased and were assessed at the level of USD 656/MT for this week.
• There is again threat from US for imposing new tariffs on Chinese goods. US President Donald Trump repeated on Thursday his earlier threat to impose tariffs on $300bn worth of Chinese goods, a move that would put nearly every US import from China under some kind of duty.
• China has not responded yet in this matter. However, it has retaliated every time that the US had imposed tariffs on Chinese goods.
• Chemical companies have already complained that the tit-for-tat tariffs between the US and China have hurt their business. They highlighted the trade dispute in their second-quarter earnings reports and in their conference calls with analysts.
• State oil giant Saudi Aramco sets its crude prices based on recommendations from customers and after calculating the change in the value of its oil over the past month, based on yields and product prices.
• Top oil exporter Saudi Arabia may cut prices for most of the crude grades it sells to Asia for a second straight month in September after Middle East benchmark prices weakened.
• On Thursday, closing crude values have mixed. WTI on NYME closed at $53.95/bbl. Prices have decreased by 4.63/bbl in compared to last closing prices. While Brent on Inter Continental Exchange is increased by 0.02/bbl in compare to last closing price and was assessed around $65.19/bbl. 

$1 = Rs. 69.59

Import Custom Ex. Rate USD/ INR: 70.00

Export Custom Ex. Rate USD/ INR: 68.30