Styrene Monomer Weekly Report 27 May 2017

Weekly Price Trend: 22-05-2017 to 26-05-2017

• 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 have increased in compare to previous week and at the end of the week prices were assessed Rs.82/Kg for bulk quantity at Kandla and Rs 83/kg for Mumbai ports of India.

Booking Price

INDIA& INTERNATIONAL

• The domestic prices of Styrene were assessed at the level of Rs.80/Kg for ex Kandla and Rs 82/kg Mumbai ports.
• CIF India prices were assessed at the level of USD 1115/MT.
• This week FOB Korea prices were assessed USD 1075/MTS prices have increased in compared to last week’s closing prices.
• CFR China prices were assessed in the range of USD 1090-1110/MTS, prices increased in compare to previous week.
• China's Abel Chemical completes Jiangsu SM plant maintenance.
• Some players believed that prices could have reached a low in March and are poised for a recovery in May.
• With manufacturing activities in China typically kicking into a higher gear in the second quarter, stronger demand for styrenic resins could provide some support for styrene values.
• This week upstream benzene prices have increased.
• This week oil prices have followed volatile trend. On Thursday, Crude oil prices plunged more than 5 percent below $49 per barrel for its biggest daily drop in three weeks as OPEC members agreed to extend oil output cuts for nine months, crude oil traders pushed prices down by more than 4%.
• As per report, OPEC and some non-OPEC members agreed to extend oil supply cuts of 1.8 million barrels per day for a further nine months in a bid to stop waving prices. However, the move disappointed some who had hoped for longer or deeper cuts.
• As per market analyst, an initial six months of output reductions failed to shrink brimming crude stockpiles around the world. OPEC members need to curtail exports and take action to limit surging U.S. production to succeed this time.
• On Thursday, closing crude values have decreased.WTI on NYME closed at $48.90/bbl, prices have decreased by $2.46/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $2.50/bbl in compared to last trading and was assessed around $51.46/bbl.
• FOB Korea and CFR China prices of Benzene were evaluated at USD 765/mt and USD780/mt respectively.

$1 = Rs. 64.44
Import Custom Ex. Rate USD/ INR: 65.30
Export Custom Ex. Rate USD/ INR: 63.60