Styrene Monomer Weekly Report 28 August 2020

Weekly Price Trend: 24-08-2020 to 28-08-2020

• If we take a quick look at the above given weekly prices, it can be observed that there has been decline in domestic prices for this week.
• On Friday domestic values were assessed around Rs.57/Kg for bulk quantity at Kandla and for Mumbai ports of India by end of the week. Prices remained weak for this week.

 Booking Price

INDIA & INTERNATIONAL

• The domestic prices of Styrene were assessed at the level of Rs.57/Kg for Kandla and for Mumbai ports. Domestic prices reduced by Rs 2/Kg for this week.
• FOB Korea values for SM were assessed at the level of USD 645/MT for this week. While CFR China prices were assessed at the level of USD 665/MT for this week.
• FOB Korea values for Benzene were assessed around USD 443/MT for this week. There has been an increase of USD 10/MT for this week. CFR China prices were assessed at the level of USD 442/MT for this week.
• SM plant operators in US has curtailed their operations due to landfall of hurricane over there. As a result, the selling pressure over there has been quite limited. Most of the stock was already cleared by selling it to South Asian markets by August end.
• Asian petrochemical segment remained stable and calm in spite of shutdown of major refineries across the globe. There has been shutdown of major refineries in US due to hurricane Laura in southwest Louisiana.
• There has been concerns over slowdown in demand as world sees no slowdown in the outpouring of coronavirus cases.
• As per reports, the Hurricane Laura is incoming very fiercely, the market thinks its impact will be very short-lived as oil producers in the region are just temporarily pausing their operations for a few days.
• On Thursday closing, crude values have declined slightly. WTI on NYME closed at $43.04/bbl. Prices have reduced by 0.35/bbl in compared to last closing prices. While Brent on Inter Continental Exchange have reduced by 0.55/bbl in compare to last closing price and was assessed around $45.09/bbl.

       $1 = Rs. 73.38

Import Custom Ex. Rate USD/ INR: 75.90

Export Custom Ex. Rate USD/ INR: 74.15