Styrene Monomer Weekly Report 6 March 2020
Weekly Price Trend: 02-03-2020 to 06-03-2020
- If we take a quick look at the above given weekly prices, it can be observed that for the current week prices reduced for this week.
- On Friday domestic values were assessed around Rs.68/Kg for bulk quantity at Kandla and Rs.69/Kg for Mumbai ports of India by end of the week. Domestic values have reduced heavily for this week.
Booking Price
INDIA& INTERNATIONAL
- The domestic prices of Styrene were assessed at the level of Rs.68/Kg for Kandla and Rs.69/Kg for Mumbai ports. Domestic prices have reduced significantly for this week.
- On other side, FOB Korea values for Styrene were assessed around USD 795-815/MT, increased by USD 10/MT for this week. CFR China prices also improved for this week. Prices were assessed at the level of USD 835/MT. South East Asia prices of SM were evaluated at USD 790/MT.
- Benzene the major source for aromatic products has slightly reduced for this week. FOB Korea values for Benzene were assessed around USD 630/MT for this week, reduced by USD 5/MTS for this week while CFR China prices were assessed at the level of USD 640/MT for this week again reduced by USD5/MT for this week.
- There have been many fresh cases of Corona in India and South Asian countries. The rise in cases has been serious concern for these nations. To curtail this epidemic government has been taking strict actions like sealing of borders, health checkups at airports, curtail in imports from the affected nations like China and Iran. This all measures across the world has been hitting hard the global economy.
- Oil slid on Friday as worries about demand for fuel being sapped by the global coronavirus outbreak were heightened by concern over non-Opec crude producers not yet having agreed to cut output further to support prices.
- The Organization of the Petroleum Exporting Countries (Opec) on Thursday pushed for crude output by Opec and associated producers - a group known as Opec plus - to be cut by an extra 1.5 million barrels per day (bpd) in total until the end of 2020. The call came ahead of an Opec plus meeting scheduled for Friday in Vienna.
- Non-Opec states were expected to contribute 500,000 bpd to the overall extra cut, Opec ministers said. But Russia and Kazakhstan, both members of Opec plus, said they had not yet agreed to the deeper cut, raising the risk of a collapse in cooperation that has propped up crude prices since 2016. Some analysts expected Moscow to ultimately endorse the agreement.
PLANT NEWS
Styrene Monomer unit shut down by Lotte Chemical
- Lotte Chemical has shut down its SM unit for maintenance. The company declared force majeure on its unit due to outage of its cracker unit. The supplies for SM unit were cut down as unplanned shutdown was carried on its cracker.
- Unit is based at Daesan in South Korea and has the production capacity of 5,80,000 mt/year.
$1 = Rs. 73.67
Import Custom Ex. Rate USD/ INR: 74.25
Export Custom Ex. Rate USD/ INR: 72.55
