Styrene Monomer Weekly Report 9 August 2019
Weekly Price Trend: 05-08-2019 to 09-08-2019
- 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 reduced heavily 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 reduced by Rs.8/Kg for both the ports.
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 reduced with inception of this week itself.
- On other side, FOB Korea values for Styrene were assessed around USD 955-975/MT, reduced by USD 40/MT in this week. On other side CFR China prices also reduced heavily for this week and were assessed at the level of USD 995-1015/MT reduced by USD 40/MT for this week. South East Asia prices of SM were evaluated at USD 1040/MT.
- Benzene the major source for aromatic products has also improved for this week. FOB Korea values for Benzene were assessed around USD 663/MT, increased by USD 8/MT for this week, while CFR China prices also increased and were assessed at the level of USD 656/MT for this week.
- Benzene the major source for aromatic products has also declined for this week. FOB Korea values for Benzene were assessed around USD 630/MT, decreased by USD 33/MT for this week, while CFR China prices also reduced and were assessed at the level of USD 625/MT for this week.
- The ongoing tensions between India and neighbouring state have been a matter of concern. The neighbouring state has cut down its all ties with India. Although this will not have major impact on India economy.
- Oil prices have still lost more than 20% from peaks reached in April.
- Oil prices fell on Friday amid fears over demand as the US-China trade row casts its shadow over markets, although prices got some support from expectations of more OPEC production cuts.
- Global financial markets have been rocked over the past week after US President Donald Trump said he would impose 10% tariffs on more Chinese goods starting September and as a fall in the Chinese yuan sparked fears of a currency war. "The tentative oil rebound could be short-lived as the US-China trade dispute is providing no real reasons to be optimistic.
PLANT NEWS
Hanwha Total to restart its SM unit
- South Korean petrochemical manufacturer Hanwha Total will soon restart its SM production. Hanwha Total first took both its SM production lines off line on 27 March for scheduled maintenance. Both lines were supposed to restart on 6 May but the producer declared force majeure on SM supplies to its customer on 9 May because of a lack of manpower and feedstock as it was hit by a workers' union strike.
- Hanwha Total tried to operate the smaller SM unit with limited manpower but was later forced to shut the unit completely after being hit by two explosions on 17 May and 18 May. The South Korean government has inspected both units and given its approval to restart.
Petrochemical unit shutdown by PetroChina Dushanzi Petrochemical
- Petro China Dushanzi Petrochemical has shutdown its no1 and no2 cracker unit for maintenance turnaround. The units were shutdown in the last week of July 2019. The cracker is likely to remain off-stream for around two months. Units are based at Xinjiang, China, the No. 1 cracker has an ethylene capacity of 260,000 mt/year and No. 2 cracker has an ethylene capacity of 1 million mt/year.
$1 = Rs. 70.74
Import Custom Ex. Rate USD/ INR: 70.00
Export Custom Ex. Rate USD/ INR: 68.30
