Styrene Monomer Weekly Report 8 March 2019

Weekly Price Trend: 04-03-2019 to 08-03-2019

• 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 remained highly vulnerable.
• On Friday domestic values were assessed around Rs.92/Kg for bulk quantity at Kandla and Rs.94/kg for Mumbai ports of India.

Booking Price

INDIA& INTERNATIONAL

• The domestic prices of Styrene were assessed at the level of Rs.94/Kg for Kandla and Rs 96/kg Mumbai ports. Domestic increased by Rs.2/Kg in the span of one week.’
• FOB Korea values for Styrene were assessed around USD 1050/M, increased by USD25/MT in compare to last week’s closing values. On other side CFR China prices also increased and were assessed at the level of USD 1090/MT. Prices increased by USD 30/MT in compare to last week’s closing values. South East Asia prices of SM were evaluated at USD 1065/MT. Here slight improvement in the values was observed.
• enzene FOB Korea prices increased for this week. FOB Korea values were assessed around USD 620/MT. On other side CFR China prices were assessed around USD 625/MT for this week.
• U.S. West Texas Intermediate (WTI) crude oil futures were at $56.32 per barrel, down 34 cents, or 0.6 percent, from their last settlement.
• Brent crude oil futures were at $65.83 per barrel at 0358 GMT, down 47 cents, or 0.7 percent from their last close.
• Financial markets, including crude oil futures, took a hit after ECB President Mario Draghi said on Thursday the economy was in "a period of continued weakness and pervasive uncertainty".
• China's February dollar-denominated exports fell 21 percent from a year earlier, coming in far worse than analysts' expectations, while imports dropped 5.2 percent, official data showed on Friday.
• Russia has bagged to become the major exporter of crude to US after Venezuela sanctions. U.S. crude oil imports from Venezuela slumped to just 83,000 bpd in the week to March 1, compared to 208,000 bpd in the previous week.
• The U.S. sanctions on Venezuela have also prohibited U.S. exports of naphtha to the Latin American country which uses the product to dilute its heavy crude. SO here again Russia has came to rescue for these nations. Rosneft has carried out shipments of heavy naphtha to Venezuela expected in the next few weeks. 

$1 = Rs. 69.91

Import Custom Ex. Rate USD/ INR: 71.00

Export Custom Ex. Rate USD/ INR: 69.30