Styrene Monomer Weekly Report 7 February 2020

Weekly Price Trend: 03-02-2020 to 07-02-2020

• If we take a quick look at the above given weekly prices, it can be observed that for the current week prices increased this week.
• On Friday domestic values were assessed around Rs.71/Kg for bulk quantity at Kandla and Rs.72/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.71/Kg for Kandla and Rs. 72/kg Mumbai ports. Domestic prices have reduced increased for this week.
• On other side, FOB Korea values for Styrene were assessed around USD 805-825/MT, reduced by USD 50/MT for this week. CFR China prices also reduced for this week. Prices were assessed at the level of USD 840/MT. South East Asia prices of SM were evaluated at USD 845/MT.
• Benzene the major source for aromatic products also decline heavily for this week. FOB Korea values for Benzene were assessed around USD 658/MT for this week, reduced by USD 10/MT in one week while CFR China prices were assessed at the level of USD 680/MT for this week again reduced by USD10/MT for this week.
• Oil prices rose on Friday after Russia said it backs a recommendation for the OPEC and its producer allies to deepen output cuts amid contracting demand for crude as China battles the coronavirus epidemic that has hit global markets.
• A panel advising the Organization of Petroleum Exporting Countries (OPEC) and allies led by Russia, known as the OPEC+ group, suggested provisionally cutting output by 600,000 barrels per day (bpd),
• On back of global epidemic, Oil prices have fallen by more than a fifth in last two weeks.
• Chinese President Xi Jinping declared a "people's war" on the epidemic as China's Hubei province, where Wuhan is located, reported 69 new deaths, taking the total in the country to more than 600.
• The impact of the coronavirus on the oil market remains largely a Chinese demand story with weakening jet fuel demand and economic run cuts, but demand destruction outside of China has been minimal, for now," RBC Capital Markets analysts said in a note.

$1 = Rs. 71.46

Import Custom Ex. Rate USD/ INR: 72.15

Export Custom Ex. Rate USD/ INR: 70.45