Styrene Monomer Weekly Report 22 March 2019

Weekly Price Trend: 18-03-2019 to 22-03-2019

• 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 heavily in spa of one week.
• On Friday domestic values were assessed around Rs.84/Kg for bulk quantity at Kandla and Rs.86/kg for Mumbai ports of India.

Booking Price

INDIA& INTERNATIONAL

• The domestic prices of Styrene were assessed at the level of Rs.84/Kg for Kandla and Rs 86/kg Mumbai ports. Domestic prices have reduced by Rs.10 for both the ports.
• On contrary, FOB Korea values for Styrene were assessed around USD 1050-1060/MT, increased by USD 25/MT in compare to last week’s closing values. On other side CFR China prices also increased by USD 25/MT and were assessed at the level of USD 1090-2010/MT. South East Asia prices of SM were evaluated at USD 1065/MT.
• Benzene FOB Korea prices also reduced by USD 20/MT for this week. FOB Korea values were assessed around USD 625/MT. On other side CFR China prices were assessed around USD 619/MT for this week.
• Indian currency has also strengthened against dollar in last few weeks. This has been one of the strongest performances of rupee against dollar since last few years.
• Crude prices continued its rally for this week. The oversupply of crude is no more in United States but it will not have major impact on prices.
• Many analysts and market observers believe that oil prices will move much higher with OPEC+ production cuts, declining U.S. inventories and a relatively strong global economy assuming that U.S.-China trade talks have a happy ending.
• Now Iranian customers have also started negotiating with the U.S. on possible waiver extensions to continue buying oil from Tehran.
• The U.S. waivers for eight key Iranian oil customers, including China, India, Japan, and South Korea, will expire in early May. While the U.S. Administration says that it continues to pursue zero Iranian oil exports, analysts expect Washington to extend waivers to at least a few of the currently exempted buyers, with reduced volumes allowed under the new waivers, as the Administration wouldn’t want to push oil prices too high.
• On Thursday, closing crude values have decreased. WTI on NYME closed at $59.98/bbl. Prices have decreased by $0.25/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $0.64/bbl in compare to last closing price and was assessed around $67.86/bbl. 

$1 = Rs. 68.95

Import Custom Ex. Rate USD/ INR: 70.00

Export Custom Ex. Rate USD/ INR: 68.35