Styrene Monomer Weekly Report 30 August 2019

Weekly Price Trend: 26-08-2019 to 30-08-2019

• 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 reduced slightly for this week.
• On Friday domestic values were assessed around Rs.76/Kg for bulk quantity at Kandla and Rs.78/kg for Mumbai ports of India improverd by Rs.1/Kg for both the ports. 

Booking Price

INDIA& INTERNATIONAL 

• The domestic prices of Styrene were assessed at the level of Rs.76/Kg for Kandla and Rs. 78/kg Mumbai ports. Domestic prices improved with inception of this week itself.
• On other side, FOB Korea values for Styrene were assessed around USD 965-985/MT, remained unchanged in this week. On other side CFR China prices also improved for this week and were assessed at the level of USD 1005-1025/MT with no change in values for this week. South East Asia prices of SM were evaluated at USD 1000/MT.
• The ongoing tensions between India and neighbouring state have been a matter of concern. The neighbouring state has cut down its all ties with India. Although this will not have major impact on India economy.
• Benzene the major source for aromatic products has also improved for this week. FOB Korea values for Benzene were assessed around USD 680/MT, increased by USD 10/MT for this week, while CFR China prices also improved and were assessed at the level of USD 675/MT for this week.
• Crude oil futures fell 0.15 per cent to Rs 4,036 per barrel on Friday after participants reduced positions amid a weak trend in global markets. Marketmen said the fall in crude oil futures was mostly due to trimming of positions by traders in tandem with a weak trend overseas.
• Meanwhile, West Texas Intermediate crude oil was trading down 0.90 per cent to USD 56.20. Brent Crude, the international benchmark, fell 0.61 per cent to trade at USD 60.71 a barrel.
• China's surprise decision to include crude oil in its latest round of tariffs on imports from the US is unlikely to restrict the overall US-Asia crude trade flows as various other Asian buyers are keen to pick up any US crude cargoes diverted from Chinese buyers.
• However, US crude oil suppliers are expected to largely shrug off the latest counter measures from Asia's biggest oil consumer as demand for the US product remains robust in the region.
• US crude oil has increasingly become a staple for many Asian refineries, with the sharp increase in US crude procurement from refiners in South Korea, Taiwan, India and Thailand more than making up for the cut back in China's purchases this year.

PLANT NEWS

Osaka cracker to be shut down for maintenance by Mitsui Chemicals

• Mitsui Chemicals has announced its maintenance schedule for its Oska cracker. The company has announced its maintenance schedule for the year 2020. Unit is likely to go off-stream in the month of July 2020. The unit is likely to remain off-stream for around one month.
• Unit is based at Osaka, Japan, the cracker has an ethylene capacity of 450,000 mt/year and a propylene capacity of 280,000 mt/year. 

$1 = Rs. 71.40

Import Custom Ex. Rate USD/ INR: 71.85

Export Custom Ex. Rate USD/ INR: 70.15