Styrene Monomer Weekly Report 24 May 2019

Weekly Price Trend: 20-05-2019 to 24-05-2019

• 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 vulnerable and has been consistently increasing on back of rise in crude values.
• ·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.78/Kg for Kandla and Rs 80/kg Mumbai ports. Domestic prices has reduced by Rs2./Kg for bulk quantity for both the ports.
• On other side, FOB Korea values for Styrene were assessed around USD 1025-1045/MT, increased by USD 20/MT in this one week. On other side CFR China prices also increased by USD 20/MT for this week and were assessed at the levels of USD 1075/MT for this week. South East Asia prices of SM were evaluated at USD 1055/MT.
• Benzene FOB Korea prices were assessed at the level of USD 625/MT reduced by USD 5/MTS in international prices. On other side CFR China prices were assessed around USD 610/MT for this week.
• India has officially ended all oil imports from Iran, India’s Ambassador Harsh Vardhan Shringla said on Wednesday, after Prime Minister Narendra Modi has managed to emerge victorious from India’s elections.
• Shringla was reluctant to say whether India agreed with the United States’ stance on the sanctions, but did say that the sanctions have hurt India, who relies on Iran in particular for a sizeable chunk of its crude oil. It now has had to find new sources of crude oil after the United States refused to extend the waiver India was enjoying up until May 2.
• World shares were deep in the red as concerns grew the China-US trade conflict was fast turning into a technology cold war between the world's two largest economies.
• World shares were deep in the red as concerns grew the China-US trade conflict was fast turning into a technology cold war between the world's two largest economies. 

PLANT NEWS

SM unit shut down by Shandong Huaxing

• Shandong Huaxing Petrochemical has shut down its SM unit for maintenance turnaround. The unit has been shutdown as per annual maintenance schedule. It is likely to remain off-stream for 40 days and is expected to restart its production by the first week of June 2019.
• Unit is based at Shandong in China and has the production capacity of 80,000 tonnes/year. 

$1 = Rs. 69.53

Import Custom Ex. Rate USD/ INR: 71.15

Export Custom Ex. Rate USD/ INR: 69.50