Toluene Weekly Report 15 November 2019

Weekly Price Trend: 11-11-2019 to 15-11-2019

• The above given graph focuses on the Toluene price trend for current week. There has been improvement in prices for this week.
• This week prices remained firm-to-stable throughout this week. By end of the week prices were assessed at the level of Rs.56/Kg for bulk quantity for Kandla and for Mumbai ports of India.

Booking Scenario

INDIA & INTERNATIONAL 

• This week domestic market price was assessed at Rs.56/kg for bulk quantity with an increase of Rs.2/Kg for this week.
• CFR India prices were evaluated at USD 695/MT, increased by USD 15/MT for this week.
• CFR China price of toluene were assessed at the level of USD 675/MT, with an increase of USD 25/MT for this week.
• Benzene the major source for aromatic products also increased for this week. FOB Korea values for Benzene were assessed around USD 637/MT for this week, while CFR China prices were assessed at the level of USD 675/MT for this week.
• Global oil supply could continue to rise at a rapid pace in 2020, surpassing the increase in demand. According to new figures from the International Energy Agency (IEA), non-OPEC supply could expand by a staggering 2.3 million barrels per day (mb/d), nearly double the expected increase in demand at 1.2 mb/d.
• That forecast doesn’t just depend on substantial growth from U.S. shale (although it does), but also on expected increases from Brazil, Norway and Guyana.
• The surge in output complicates OPEC+’s task as Vienna approaches. The production cuts are currently set to expire at the end of March 2020, but the group is widely expected to extend that agreement through the end of the year.
• “The hefty supply cushion that is likely to build up during the first half of next year will offer cold comfort to OPEC+ ministers gathering in Vienna at the start of next month,” the IEA said. “However, a continuously well-supplied market will lend support to a fragile global economy.”

$ 1 = Rs. 71.83

Import Custom Ex. Rate USD/ INR: 72.00                                            

Export Custom Ex. Rate USD/ INR: 70.30