Styrene Monomer Weekly Report 24 January 2020

Weekly Price Trend: 20-01-2020 to 24-01-2020

• 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 remained stable throughout this week.
• On Friday domestic values were assessed around Rs.73/Kg for bulk quantity at Kandla and Rs.74/kg for Mumbai ports of India by end of the week.

Booking Price

INDIA& INTERNATIONAL

• The domestic prices of Styrene were assessed at the level of Rs.73/Kg for Kandla and Rs. 74/kg Mumbai ports. Domestic prices have reduced significantly for this week.
• On other side, FOB Korea values for Styrene were assessed around USD 890-910/MT, reduced by USD 10/MT for this week. CFR China prices also reduced for this week. Prices were assessed at the level of USD 925/MT. South East Asia prices of SM were evaluated at USD 910/MT.
• The negative reports related to spreading of life threatening disease in China have affected the commute of people across the country. Earlier people were all set to start their Lunar vacation aiming for different tourist destinations. Now with epidemic spread and locking down of major cities, people are restricted to stay at  their home and avoid any public gathering
• Oil prices on Friday, following a drawdown in US crude stocks, but were set to fall heavily for the week amid worries that a new coronavirus in China that has killed 25 so far may spread, curbing travel, fuel demand and economic prospects.
• Brent crude futures were up 31 cents, or 0.5 per cent, at $62.35 a barrel by 0741 GMT after falling 1.9 per cent the previous session. For the week, Brent is down about 4 per cent.
• The virus has infected more than 800 so far in China, with 25 dead as of Thursday, according to China's National Health Commission. The World Health Organisation has declared the situation an emergency, but stopped short of declaring the epidemic of international concern.
• Most of the cases are in the central Chinese city of Wuhan, where the virus is believed to have originated late last year, though cases have now been found in at least seven other countries. Oil prices could remain on a slippery slope as traders remain incredibly twitchy about the effects the coronavirus outbreak could have on Chinese GDP and air travel more broadly.

$1 = Rs. 71.32

Import Custom Ex. Rate USD/ INR: 72.15

Export Custom Ex. Rate USD/ INR: 70.45