Styrene Monomer Weekly Report 5 June 2020

Weekly Price Trend: 01-06-2020 to 05-06-2020

• If we take a quick look at the above given weekly prices, it can be observed that there has been continuous rise in prices for this week.
• On Friday domestic values were assessed around Rs.54/Kg for bulk quantity at Kandla and Rs.54/Kg for Mumbai ports of India by end of the week. Domestic values have gained significantly in this week.

Booking Price

INDIA& INTERNATIONAL 

• The domestic prices of Styrene were assessed at the level of Rs.54/Kg for Kandla and Rs.54/Kg for Mumbai ports. Domestic prices have increased heavily for this week.
• On other side, FOB Korea values for Styrene were assessed around USD 620-640/MT, for this week. Prices were increased by USD 30/MT for this week. CFR China prices were assessed at the level of USD 670/MT an increase of USD 30/MT in one week. South East Asia prices of SM were evaluated at USD 660/MT.
• FOB Korea values for Benzene were assessed around USD 418/MT for this week. There has been increase of USD 13/MT in Benzene values for this week. The outbreak in prices of crude has affected whole of the petrochemical market. CFR China prices were assessed at the level of USD 425/MT for this week.
• There has been heavy fluctuation in the prices for petrochemical product. Trade operations have resumed last week but the manufacturing industries are yet to start their production. Majority of labours migrated to their natives leaving behind empty units and derailed production line.
• There has been continuous rise in fresh cases in India and highest in Maharashtra and Gujarat. People are scared and worried to move out. The economy has now reached its low levels and people have to start living with Covid 19.
• Oil prices relaxed slightly today as market are looking forward to see whether major oil producers are ready to extend record production cuts. But now this meeting has been delayed due to poor compliance by some producers.
• The meeting that will help shape the future of the oil market over the next few months is proving difficult, however, even though it would appear that Saudi Arabia and Russia have reached an agreement in principle to extend the current level of cuts through the end of July.
• On Thursday, closing crude values have increased. WTI on NYME closed at $37.41/bbl. Prices have increased by 0.12/bbl in compared to last closing prices. While Brent on Inter Continental Exchange is increased by 0.20/bbl in compare to last closing price and was assessed around $39.99/bbl. 

$1 = Rs. 75.58

Import Custom Ex. Rate USD/ INR: 76.45

Export Custom Ex. Rate USD/ INR: 74.75