Styrene Monomer Weekly Report 23 August 2019
Weekly Price Trend: 19-08-2019 to 23-08-2019
- 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.75/Kg for bulk quantity at Kandla and Rs.77/kg for Mumbai ports of India reduced by Rs.1/Kg for both the ports.
Booking Price
INDIA& INTERNATIONAL
- The domestic prices of Styrene were assessed at the level of Rs.75/Kg for Kandla and Rs. 77/kg Mumbai ports. Domestic prices reduced with inception of this week itself.
- On other side, FOB Korea values for Styrene were assessed around USD 965-985/MT, remained unchanged in this week. On other side CFR China prices also improved for this week and were assessed at the level of USD 1005-1025/MT with no change in values for this week. South East Asia prices of SM were evaluated at USD 1000/MT.
- The ongoing tensions between India and neighbouring state have been a matter of concern. The neighbouring state has cut down its all ties with India. Although this will not have major impact on India economy.
- Benzene the major source for aromatic products has also improved for this week. FOB Korea values for Benzene were assessed around USD 670/MT, increased by USD 20/MT for this week, while CFR China prices also improved and were assessed at the level of USD 660/MT for this week.
- Oil prices have been weakening in past few days as worries about the global economy weighed and equity markets were under pressure as uncertainty over the outlook for U.S. interest rate cuts left investors on edge.
- Traders are awaiting a speech from Federal Reserve Chair Jerome Powell on Friday in Jackson Hole, Wyoming, that could indicate whether the U.S. central bank will continue to cut interest rates.
- The market will be shifting focus today to broader based macro headlines with comments out of Jackson Hole likely to be prioritized in this regard.
- On Thursday, closing crude values have decreased. WTI on NYME closed at $55.35/bbl. Prices have decreased by 0.33/bbl in compared to last closing prices. While Brent on Inter Continental Exchange is decreased by 0.38/bbl in compare to last closing price and was assessed around $59.92/bbl.
PLANT NEWS
Hanwha Total to restart its SM unit
- South Korean petrochemical manufacturer Hanwha Total will soon restart its SM production. Hanwha Total first took both its SM production lines off line on 27 March for scheduled maintenance. Both lines were supposed to restart on 6 May but the producer declared force majeure on SM supplies to its customer on 9 May because of a lack of manpower and feedstock as it was hit by a workers' union strike.
- Hanwha Total tried to operate the smaller SM unit with limited manpower but was later forced to shut the unit completely after being hit by two explosions on 17 May and 18 May. The South Korean government has inspected both units and given its approval to restart.
Petrochemical unit shut down by PetroChina Dushanzi Petrochemical
- Petro China Dushanzi Petrochemical has shut down its no1 and no2 cracker unit for maintenance turnaround. The units were shutdown in the last week of July 2019. The cracker is likely to remain off-stream for around two months. Units are based at Xinjiang, China, the No. 1 cracker has an ethylene capacity of 260,000 mt/year and No. 2 cracker has an ethylene capacity of 1 million mt/year.
$1 = Rs. 71.66
Import Custom Ex. Rate USD/ INR: 71.85
Export Custom Ex. Rate USD/ INR: 70.15
