Styrene Monomer Weekly Report 31 January 2020

Weekly Price Trend: 27-01-2020 to 31-01-2020

• If we take a quick look at the above given weekly prices, it can be observed that for the current week prices declined throughout this week.
• On Friday domestic values were assessed around Rs.70/Kg for bulk quantity at Kandla and Rs.71/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.70/Kg for Kandla and Rs. 71/kg Mumbai ports. Domestic prices have reduced significantly for this week.
• On other side, FOB Korea values for Styrene were assessed around USD 855-875/MT, reduced by USD 35/MT for this week. CFR China prices also reduced for this week. Prices were assessed at the level of USD 895/MT. South East Asia prices of SM were evaluated at USD 910/MT.
• Benzene the major source for aromatic products also decline heavily for this week. FOB Korea values for Benzene were assessed around USD 675/MT for this week, reduced by USD 50/MT in one week while CFR China prices were assessed at the level of USD 690/MT for this week again reduced by USD50/MT for this week.
• Crude oil prices on Friday rose by Rs 81 to Rs 3,804 per barrel as speculators created fresh positions amid positive global trends. Analysts said raising of bets by participants kept crude prices higher in futures trade here. The flow of oil travelling from Latin America to China has stopped in the wake of the deadly outbreak of the coronavirus that has sunk oil prices to three-month lows, with no oil making its way from Brazil or Colombia to China since last week,
• Chinese refineries are responsible for taking one-third of all oil from Brazil, Colombia, and other Latin American countries.
• The demand for jet fuel and gasoline stemming from travel restrictions that have been put in place in an effort to stop the virus from spreading is expected to fall sharply, which will inevitably catch up to the refineries who are expected to cut back production at some point.
• On Thursday, closing crude values have decreased. WTI on NYME closed at $52.14/bbl. Prices have decreased by 1.19/bbl in compared to last closing prices. While Brent on Inter Continental Exchange is decreased by 1.52/bbl in compare to last closing price and was assessed around $58.29/bbl.

$1 = Rs. 71.34

Import Custom Ex. Rate USD/ INR: 72.15

Export Custom Ex. Rate USD/ INR: 70.45