Styrene Monomer Weekly Report 7 June 2019

Weekly Price Trend: 03-06-2019 to 07-06-2019

• 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 soft-to-stable for this week.
• On Friday domestic values were assessed around Rs.78/Kg for bulk quantity at Kandla and Rs.80/kg for Mumbai ports of India.

Booking Price

INDIA& INTERNATIONAL 

• The domestic prices of Styrene were assessed at the level of Rs.78/Kg for Kandla and Rs 80/kg Mumbai ports. Domestic prices remained unchanged for this week.
• On other side, FOB Korea values for Styrene were assessed around USD 1000-1020/MT, reduced by USD 35/MT in this week. On other side CFR China prices also reduced by USD 35/MT for this week and were assessed at the levels of USD 1050/MT. South East Asia prices of SM were evaluated at USD 1070/MT.
• Benzene the major source for SM has also reduced for this week FOB Korea values for Benzene were assessed around USD 605/MT, reduced by USD 30/MT for this week. CFR China prices have also witnessed a heavy decline in prices. Prices were assessed in the range of USD 600/MT. Moreover China market will remain close for next three days due to Dragon boat festival.
• Crude prices has seen significant rise in prices in this week, a rise highest in last five months. This rise has been well supported by a report that Washington could postpone trade tariffs on Mexico and signs OPEC and other producers may extend crude supply cuts.
• On Wednesday, Brent and WTI sank to their lowest levels since mid-January at $59.45 and $50.60 respectively, after US crude production hit a new record-high and stockpiles climbed to their highest since July 2017. But on Thursday oil prices followed US stocks higher after reports confirmed that the United States is considering a delay in the tariffs on Mexico as talks continue.
• Prices had been supported by supply curbs by the Organization of the Petroleum Exporting Countries (OPEC) and some allies including Russia. Supply has also been limited by US sanctions on oil exports from Iran and Venezuela.
• On Thursday day, closing crude values have increased. WTI on NYME closed at $52.69/bbl. Prices have increased by 0.91/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $1.04/bbl in compare to last closing price and was assessed around $61.67/bbl.

$1 = Rs. 69.47

Import Custom Ex. Rate USD/ INR: 70.30

Export Custom Ex. Rate USD/ INR: 68.60