Styrene Monomer Weekly Report 3 January 2020

Weekly Price Trend: 30-12-2019 to 03-01-2020

• 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 improved for this week.
• On Friday domestic values were assessed around Rs.72/Kg for bulk quantity at Kandla and Rs.73/kg for Mumbai ports of India by end of the week.

Booking Price

   INDIA& INTERNATIONAL

• The domestic prices of Styrene were assessed at the level of Rs.72/Kg for Kandla and Rs. 73/kg Mumbai ports. Domestic prices remained firm for this week.
• On other side, FOB Korea values for Styrene were assessed around USD 850-870/MT, reduced by USD 5/MT for this week. CFR China prices also reduced slightly for this week. Prices were assessed at the level of USD 895/MT reduced by USD 10/MT for this week. South East Asia prices of SM were evaluated at USD 885/MT.
• Benzene the major source for aromatic products also remained stable with no change in prices for this week. FOB Korea values for Benzene were assessed around USD 735/MT for this week, while CFR China prices were assessed at the level of USD 730/MT for this week.
• Crude prices have been soaring up today as there has been tension growing between Iran and US. Brent crude futures jumped by close to $3 on Friday to their highest since September after a US air strike killed key Iranian and Iraqi military personnel, raising concerns that escalating Middle East tensions may disrupt oil supplies.
• The supply side risks remain elevated in the Middle East and we could see tensions continue to elevate between the U.S. and Iran-backed militia in Iraq.
• Oil prices still have room for further upside as many analysts still have to upgrade their demand forecasts to include a rather calm period on the trade front.
• On Thursday, closing crude values have increased. WTI on NYME closed at $61.18/bbl. Prices have increased by 0.12/bbl in compared to last closing prices. While Brent on Inter Continental Exchange is increased by 0.25/bbl in compare to last closing price and was assessed around $68.25/bbl.

$1 = Rs. 71.80

Import Custom Ex. Rate USD/ INR: 72.15

Export Custom Ex. Rate USD/ INR: 70.45