Styrene Monomer Weekly Report 2 June 2018

Weekly Price Trend: 28-05-2018 to 01-06-2018

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 increased at Kandla port while at Mumbai port prices have plunged and at the end of the week prices were assessed Rs.99/Kg for bulk quantity at Kandla and Rs 99/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 99/kg Mumbai ports.
• CIF India prices were assessed at the level of USD 1450/MT.
• SM prices in Asia reinforced higher on account of bullish upstream energy and benzene values.
• China SM prices have escalated sharply on tight supply.
• Previous week SM inventories at eastern China ports were at their lowest due to absence of fresh import arrivals and amid active offtake activities by traders.
• As per report, China's SM imports have been plunging due to  imposition of ADD on cargoes originating from South Korea, Taiwan, and the US from February this year.
• Chinese SM producers were running their plants at a reduced average rate of 71.8% in the week ended 25 May amid heavy turnarounds in the second quarter.
• Sinopec Yanshan has restarted its SM unit after brief maintenance schedule. Earlier the unit was shut down in the second week of June for annual maintenance. Unit is based in the Beijing in China and has the manufacturing capacity of 80,000 tonnes/year.
• This week East China benzene inventories plunged.
• This week benzene prices have decreased.
• FOB Korea and CFR China prices of Benzene were evaluated at USD 855/mt and USD 850/mt respectively.
• This week oil prices have remained mixed. On Thursday U.S. crude prices sank after a brief rally in the previous session, but as per analysis the recent slump in oil prices won't last much longer.
• On Thursday, closing crude values have remained mixed. WTI on NYME closed at $67.04/bbl; prices have decreased by $1.17/bbl in compared to last closing prices. While Brent on Inter
• Continental Exchange increased by $0.09/bbl in compared to last trading and was assessed around $77.59/bbl.
• Oil prices were already heading lower on recent reports that OPEC, Russia and several other producer nations could soon begin winding down their 17-month-old deal to cap output. That agreement has drained a global glut of oil and helped balance the market, but it's now under review due to falling Venezuelan output and renewed U.S. sanctions against Iran.
• Market players said that supply and demand in the oil market are finely balanced, and surging U.S. output might not be enough to offset supply disruptions in Venezuela and Iran.
• Oil market fundamentals and OPEC policy could support oil at around $70 a barrel or higher.

 $1 = Rs. 67.05
 Import Custom Ex. Rate USD/ INR: 68.65

 Export Custom Ex. Rate USD/ INR: 66.95