Styrene Monomer Weekly Report 29 July 2017

Weekly Price Trend: 24-07-2017 to 28-07-2017
 

• 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 remained firm 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.82/Kg for ex Kandla and Rs 83/kg Mumbai ports.
• CIF India prices were assessed at the level of USD 1135/MT.
• This week FOB Korea prices were assessed USD 1130/MTS prices have plunged in compared to last week’s closing prices.
• CFR China prices were assessed in the range of USD 1145-1165/MTS, prices have plunged in compare to previous week.
• In Asian market SM demand sentiments have remained bearish no major deals and discussion has been heard.
• US styrene spot prices fall in quiet market.
• This week SM prices have plunged on account of steady demand stipulation from end users.
• This week oil prices have followed up trend. On Thursday oil prices have boosted 8 weeks high on a hope that a steeper-than-expected decline in U.S. crude oil inventories will reduce global oversupply..
• Some players said that expectations that the long-oversupplied market is moving towards balance were also supported news that Saudi Arabia plans to limit crude exports to 6.6 million barrels per day (bpd) in August, about 1 million bpd below the level last year. Some producers announced plans to cut spending this year as a result of low oil prices.
• But analysts say oil prices may have little room to head higher as recent gains could encourage more output, particularly from U.S. shale producers with low costs.
• The market will likely be paying even more attention to drilling activity in the U.S. in the coming weeks.
• Benzene inventories along eastern China increase to 124,000 tonnes.
• An overnight gain in benzene prices in Europe and the US coupled with strength in upstream crude and naphtha values, supported a rise in benzene rates in Asia.
• FOB Korea and CFR China prices of Benzene were evaluated at USD 730/mt and USD750/mt respectively.

$1 = Rs. 64.16
Import Custom Ex. Rate USD/ INR: 65.20
Export Custom Ex. Rate USD/ INR: 63.50