Styrene Monomer Weekly Report 26 April 2019

Weekly Price Trend: 22-04-2019 to 26-04-2019

• 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.82/Kg for bulk quantity at Kandla and Rs.84/kg for Mumbai ports of India increased by Rs.6/Kg for bulk quantity.

Booking Price

INDIA& INTERNATIONAL 

• The domestic prices of Styrene were assessed at the level of Rs.82/Kg for Kandla and Rs 84/kg Mumbai ports. Domestic prices has increased by Rs.6/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 15/MT in this one week. On other side CFR China prices also increased by USD 15/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 1075/MT.
• Benzene FOB Korea prices has again witnessed rise in international prices. Values were assessed at the level of USD 645/MT increased by USD 9/MT in one week. On other side CFR China prices were assessed around USD 635/MT for this week.
• The election period going in the country has been major factor affecting the sentiments for Indian economy. Traders are in mood to know first about the government to take lead and then make any fresh position in the market.
• This week there has been continuous rise in oil prices in international market. Price rise has been in particularly due to end in the sanctions in waivers given by US against Iran to several other nations.
• India and China are the two major countries importing the most oil from Iran. Oil prices have rallied by more than two percent in this week in compare to closing of prices in the end of 2018. The grant provided to eight nations has now been pulled back by US.
• These potential disruptions to Iranian supplies add to an already tight market. The Organization of the Petroleum Exporting Countries (OPEC) has led supply cuts since the start of the year aimed at tightening global oil markets and to propping up crude prices. 

$1 = Rs. 70.01

Import Custom Ex. Rate USD/ INR: 70.40

Export Custom Ex. Rate USD/ INR: 68.70