Weekly Phenol Report 11th December 2020

Weekly Price Trend: 07-12-2020 to 11-12-2020

• The above given graph focuses on the Phenol price trend for the current week.
• If we take a quick look at the above given week, prices remained firm and there has been no change in values for this week.
• Prices were assessed at the level of Rs.83/Kg for bulk quantity. Prices remained stable fort this week.

 Booking Scenario

INDIA & INTERNATIONAL

• This week domestic phenol market prices were assessed around Rs.82/Kg for bulk quantity. Prices are likely lower down in next week. As the surge in values reached its optimum level last week so now there will be correction in prices.
• CFR India prices for this week were assessed in the range of USD 740-760/MTS for this week.
• Benzene the source for Phenol has increased in this week. FOB Korea values for Benzene were assessed around USD 625/MT for this week. Prices increased by USD 20/MT for this week. CFR China prices were assessed around USD 618/MT for this week.
• Demand has remained firm in the domestic market. There has been limited supply from Middle East due to disruption in supply and shutdown of units.
• Oil has recovered from historic lows reached in April when the pandemic hammered demand, helped by a record supply-cut deal by the Organization of the Petroleum Exporting Countries and allies, known as OPEC+
• Oil gushed above $50 a barrel on in this week for the first time since early March as hopes of a faster demand recovery after the release of COVID-19 vaccines offset a huge rise in US crude inventories that showed there was still ample supply available.
• Britain began vaccinations this week and they could start as soon as this weekend in the United States. Canada on Wednesday approved its first vaccine and said initial shots would be delivered starting next week.
• Brent crude was up $1.51, or 3 percent, at $50.37 a barrel at 1501 GMT, rising for a third day. U.S. West Texas Intermediate (WTI) crude rose $1.46 cents, or 3.2 percent, to $46.98.

$1 = Rs. 73.65

Import Custom Ex. Rate USD/ INR: 74.70

Export Custom Ex. Rate USD/ INR: 73.00