Styrene Monomer Weekly Report 31 March 2018

Weekly Price Trend: 26-03-2018 to 30-03-2018

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 plunged at Kandla port 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 1275/MT.
• The European Styrene market will move higher on tighter supply for first half of April.
• As per report, INEOS Styrolution will start an engineering study to construct a world-scale styrene monomer plant in the US Gulf Coast.
• The new SM plant will use best-in-class technology and benefit from access to low-cost feedstock and energy from shale gas as well as an excellent infrastructure. A specific location is yet to be defined.
• Feedstock benzene prices have decreased in Asian market this week.
• FOB Korea and CFR China prices of Benzene were evaluated at USD 825/mt and USD 825/mt respectively.
• This week crude oil prices have followed weak trend but on Thursday oil prices have escalated by 1 percent as the equities markets rallied and as market participants weighed a rise in U.S. crude inventories and production against continued OPEC supply curbs.
• On Thursday, closing crude values have decreased. WTI on NYME closed at $64.94/bbl; prices have increased by $0.56/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.74/bbl in compared to last trading and was assessed around $70.27/bbl.
• Market players said that strong compliance on supply cuts from members of The OPEC and allies like Russia have supported prices. OPEC sources said the group and its allies are likely to keep their deal on cutting output for the rest of 2018 when they meet in June.
• As per market report, China was taking its first steps to pay for imported crude oil in yuan instead of the U.S. dollar. This week marked the launch of the Shanghai crude oil futures

 $1 = Rs. 65.17
 Import Custom Ex. Rate USD/ INR: 65.80
 Export Custom Ex. Rate USD/ INR: 64