Styrene Monomer Weekly Report 20 June 2019
Weekly Price Trend: 17-06-2019 to 21-06-2019
- 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 remained soft-to-stable for this week.
- On Friday domestic values were assessed around Rs.78/Kg for bulk quantity at Kandla and Rs.80/kg for Mumbai ports of India.
Booking Price
INDIA& INTERNATIONAL
- The domestic prices of Styrene were assessed at the level of Rs.76/Kg for Kandla and Rs. 78/kg Mumbai ports. Domestic prices reduced for this week.
- On other side, FOB Korea values for Styrene were assessed around USD 1025-1045/MT, reduced by USD 15/MT in this week. On other side CFR China prices also reduced for this week. Prices were reduced by USD 15/MT for this week and were assessed at the level of USD 1075/MT for this week. South East Asia prices of SM were evaluated at USD 1080/MT.
- On contrary, Benzene the major source for SM has again improved for this week and were assessed at the level of USD 635/MT, increased by USD 20/MT for this week. CFR China prices were assessed at the level of USD 625/MT.
- Severed tension between Iran and US has resulted in the soaring of crude values in international market. In the early hours on Thursday, Iran shot down a U.S. drone, with both sides reporting conflicting accounts. The U.S. says the drone was in international waters, while Iran says that the drone had entered Iranian air space. The incident adds to the boiling cauldron of tension between the two countries.
- In early trading on Thursday, WTI was up more than 4 percent and Brent was up more than 3 percent, surging to the highest level since late May.
- The confused policy of US against Iran has been the talk of town. With no proper reasons US has been escalating the tension and has been prompting Iran to take any major negative step.
- The rapid spike in tension has only moved crude oil prices in fits and starts over the last few weeks. The prospect of a major war, and the potential disruption to maritime trade in the Persian Gulf, was largely shrugged off by oil traders.
$1 = Rs. 69.55
Import Custom Ex. Rate USD/ INR: 70.40
Export Custom Ex. Rate USD/ INR: 68.70
