Styrene Monomer Weekly Report 7 August 2020

Weekly Price Trend: 07-08-2020 to 07-08-2020

• If we take a quick look at the above given weekly prices, it can be observed that there has been heavy decline in domestic prices for this week.
• On Friday domestic values were assessed around Rs.62/Kg for bulk quantity at Kandla and for Mumbai ports of India by end of the week. Prices remained weak for this week.

Booking Price

INDIA& INTERNATIONAL 

• The domestic prices of Styrene were assessed at the level of Rs.62/Kg for Kandla and for Mumbai ports. Domestic prices reduced by Rs 7/Kg for this week.
• FOB Korea values for SM were assessed at the level of USD 650/MT for this week. While CFR China prices were assessed at the level of USD 675/MT for this week.
• FOB Korea values for Benzene were assessed around USD 440/MT for this week. There has been decline in Benzene values. CFR China prices were assessed at the level of USD 450MT for this week.
• There has been heavy rains in the western part of India specifically Mumbai which has halted all the port as well as other operations.
• Covid cases are highest in India in Mumbai which has made led to strong melting in petroleum industry. With starting of festive season there will be more holidays in the industry. However demand will not gain in spite of festive season. Manufacturers are facing really very difficult time due to this pandemic.
• Oil prices slipped further leading to the decline in fuel demand growth amid a resurgence of coronavirus cases and as talks have stalled in the United States on a new stimulus deal.
• The resurgence of coronavirus infections remains the main uncertainty in the oil market, as that will determine how fast fuel demand rebounds.
• Rising cases are the main reason for the uncertainty for fuel demand growth and in oil prices. On Thursday, closing crude values have decreased. WTI on NYME closed at $41.95/bbl. Prices have decreased by 0.24/bbl in compared to last closing prices. While Brent on Inter Continental Exchange have decreased by 0.08/bbl in compare to last closing price and was assessed around $45.09/bbl.

$1 = Rs. 74.87

Import Custom Ex. Rate USD/ INR: 76.10

Export Custom Ex. Rate USD/ INR: 74.40