Styrene Monomer Weekly Report 20 March 2020
Weekly Price Trend: 16-03-2020 to 20-03-2020
- If we take a quick look at the above given weekly prices, it can be observed that for the current week prices reduced for this week.
- On Friday domestic values were assessed around Rs.61/Kg for bulk quantity at Kandla and Rs.63/Kg for Mumbai ports of India by end of the week. Domestic values have reduced heavily for this week.
Booking Price
INDIA& INTERNATIONAL
- The domestic prices of Styrene were assessed at the level of Rs.61/Kg for Kandla and Rs.65/Kg for Mumbai ports. Domestic prices have reduced significantly for this week.
- On other side, FOB Korea values for Styrene were assessed around USD 575-595/MT, reduced by USD 140/MT for this week. CFR China prices also reduced heavily for this week. Prices were assessed at the level of USD 615/MT, again reduced by USD 140/MT for this week. South East Asia prices of SM were evaluated at USD 610/MT.
- FOB Korea values for Benzene were assessed around USD 395/MT for this week. Prices declined massively by USD 130/MT in a span of one week. The pandemic Covid-19 has brutally affected all the segments of society. CFR China prices were assessed at the level of USD 415/MT for this week again reduced by USD 130/MT for this week.
- Major economic city of India, Mumbai has been locked down since Friday amid Corona scare. Many other cities are likely to undergo complete lockdown in next week. The country will be under curfew on Sunday suspending all sorts of activities across the nation.
- Indian markets plunge as pandemic fears drive investors into panic selling mode, Brent crude hits a 16-year low; analysts now see a long recession
- After scaling new highs in January, India stocks have dipped 31.8%.
- As rising infections of the novel coronavirus pose a medical and economic challenge for policymakers worldwide, global investors raced to stock up on cash, dumping even safe haven assets such as gold and government bonds. In India, foreign investors have sold shares worth about $4.4 billion in March alone.
- Oil giant Saudi Aramco will proceed with the reduction of its refinery rates in Saudi Arabia in April and May in order to free up more crude oil for exports.
- The Saudis, who launched an all-out price war for market share with Russia after Moscow refused to back deeper cuts, will not only boost April exports from the current 7 million bpd, but will also grow exports in May by another 250,000 bpd from April.
PLANT NEWS
Styrene Monomer unit shut down by Lotte Chemical
- Lotte Chemical has shut down its SM unit for maintenance. The company declared force majeure on its unit due to outage of its cracker unit. The supplies for SM unit were cut down as unplanned shutdown was carried on its cracker.
- Unit is based at Daesan in South Korea and has the production capacity of 5,80,000 mt/year.
$1 = Rs. 75.18
Import Custom Ex. Rate USD/ INR: 75.75
Export Custom Ex. Rate USD/ INR: 74.05
