Styrene Monomer Weekly Report 26 June 2020

Weekly Price Trend: 22-06-2020 to 26-06-2020

• If we take a quick look at the above given weekly prices, it can be observed that there has been slowdown in domestic prices for this week.
• On Friday domestic values were assessed around Rs.62/Kg for bulk quantity at Kandla and for Mumbai ports of India by end of the week. Domestic values have reduced in this week.

Booking Price

 INDIA& INTERNATIONAL

• The domestic prices of Styrene were assessed at the level of Rs.52/Kg for Kandla and Rs.52/Kg for Mumbai ports. Domestic prices have reduced for this week.
• On other side, FOB Korea values for Styrene were assessed around USD 635-655/MT, for this week. Prices increased by USD 10/MTS for this week. CFR China prices were assessed at the level of USD 670/MT again with slowdown of USD 5/MT in values in this week. South East Asia prices of SM were evaluated at USD 660/MT.
• FOB Korea values for Benzene were assessed around USD 420/MT for this week. There has been decline of USD 5/MT in Benzene values for this week. The outbreak in prices of crude has affected whole of the petrochemical market. CFR China prices were assessed at the level of USD 421/MT for this week.
• Crude oil futures were trading higher in mid-morning trade in Asia June 26 after positive US economic data buoyed market sentiment about an improved demand outlook, despite fresh outbreaks of COVID-19.
• Surging number of new coronavirus cases in the US continues to weigh on market sentiment. Data from the COVID Tracking Project showed there were 38,672 positive COVID-19 tests in the US on June 24, a new record high. White House economic adviser Larry Kudlow was quoted in media reports as saying: "There will be shutdowns in individual places or certain stores.
• With fresh outbreaks of COVID-19 in Texas, Florida and California, there is a real threat of this demand recovery stalling. Some states are quarantining travelers from these states and some have halted the reopening of businesses 

$1 = Rs. 75.48

Import Custom Ex. Rate USD/ INR: 77.05

Export Custom Ex. Rate USD/ INR: 75.35