Styrene Monomer Weekly Report 6 December 2019
Weekly Price Trend: 02-12-2019 to 06-12-2019
- 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 remained firm with few alterations in the price for this week.
- On Friday domestic values were assessed around Rs.67/Kg for bulk quantity at Kandla and Rs.69/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.67/Kg for Kandla and Rs. 69/kg Mumbai ports. Domestic prices firm for this week.
- On other side, FOB Korea values for Styrene were assessed around USD 840-860/MT, increased by USD 25/MT for this week. CFR China prices also improved for this week. Prices were assessed at the level of USD 890/MT increased by USD 25/MT for this week. South East Asia prices of SM were evaluated at USD 845/MT.
- On other there was an increase in Benzene prices for this week. Benzene the major source for aromatic products also increased for this week. This surge has been accommodated in compliance to rise in Benzene prices in international market.
- Benzene the major source for aromatic products also increased for this week. FOB Korea values for Benzene were assessed around USD 700/MT for this week, increased by USD 50/MT for this week, while CFR China prices were assessed at the level of USD 695/MT for this week.
- There has been decline in crude today on contrary as its was anticipate to see a surge in prices after OPEC deciding to cut its production.
- The fall in crude oil futures was mostly due to trimming of positions by traders, in line with weak global cues
- The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia agreed to more output cuts to avert oversupply early next year as economic growth stagnates amid the U.S.-China trade war.
- As per this agreement, it will cut an extra 500,000 barrels per day (bpd) of production, through tighter compliance and some adjustments. The group has been withholding 1.2 million bpd and the increased amount represents about 1.7% of global oil output.
· On Thursday, closing crude values have increased. WTI on NYME closed at $58.43/bbl. Prices have remained firm. While Brent on Inter Continental Exchange is increased by2.18/bbl in compare to last closing price and was assessed around $63.00/bbl.
$1 = Rs. 71.32
Import Custom Ex. Rate USD/ INR: 72.40
Export Custom Ex. Rate USD/ INR: 70.70
