Styrene Monomer Weekly Report 31 March 2017

Weekly Price Trend: 27-03-2017 to 31-03-2017

• 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.88/Kg for bulk quantity at Kandla and Rs 89/kg for Mumbai ports of India.

Booking Price

INDIA& INTERNATIONAL

• The domestic prices of Styrene were assessed at the level of Rs.88/Kg for ex Kandla and Rs 89/kg Mumbai ports.
• CIF India prices were assessed at the level of USD 1265/MT.
• This week FOB Korea prices were assessed USD 1155/MTS prices have increased in compared to last week’s closing prices.
• CFR China prices were assessed in the range of USD 1175-1195/MTS, prices decreased in compare to previous week.
• SM market is improving and from end users demand is growing. Some market players have said that with the start of Q2 demand for SM will take positive turn.
• This week with the little volatility prices have remained on the higher note with the expectation of extended supply cut. Brent and WTI crude both were assessed above $50 per barrel. Crude prices remain over 4 percent higher than they were on Tuesday. On Thursday prices have escalated as Kuwait gave its backing for an extension of OPEC production cuts in an attempt to reduce global oversupply.
• Market players have said that oil prices will higher as  OPEC and non-OPEC oil production giant Russia would agree to continue their production cut deal seeking to drive prices higher.
• There remains doubt that the output cuts will go deep enough for the world's bloated markets to tighten soon and significantly lift prices, especially as other producers that are not part of the agreement could step in to fill the supply gap. Moreover some players have said that there is a tremendous amount of stock in the markets and to expect a major increase in the price is not very realistic
• On Thursday, closing crude values have increased.WTI on NYME closed at $50.35/bbl, prices have increased by $0.84/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.54/bbl in compared to last trading and was assessed around $52.96/bbl.
• For the current week SM prices have increased as feedstock benzene prices also have increased.
• FOB Korea and CFR China prices of Benzene were evaluated at USD 805/mt and USD810/mt respectively.

$1 = Rs. 64.85
Import Custom Ex. Rate USD/ INR: 66.20
Export Custom Ex. Rate USD/ INR: 64.50