Weekly Phenol Report 15th January 2021

Weekly Price Trend: 11-01-2021 to 15-01-2021

• 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 soft-to-firm and there has been no major changes in prices for this week.
• Prices has reduced slightly as week proceeded towards its closure. Prices reduced by     Rs 1.50/Kg for this week.

 Booking Scenario

INDIA & INTERNATIONAL

• This week domestic phenol market prices were assessed around Rs.71.50/Kg for bulk quantity. Prices has reduced slightly for this week.
• CFR India prices for this week were assessed in the range of USD 690-710/MTS for this week with no changes in values for this week.
• On other side there has been decline in Benzene prices for this week.
• FOB Korea values were assessed around USD 655/MT, reduced by USD 15/MT for this week. CFR China prices were assessed around USD 640/MT for this week.
• Strong moves have been observed in the key crude oil benchmarks-WTI, and Brent, in the last several months. This was initiated by the advent of positive news on the Covid front that the vaccines in development were extremely efficacious, promising an endpoint to the spread of the virus.
• Many countries have imposed fresh lockdown amid scare of new corona strain. Inspite of these issues the demand trend is likely to remain positive. As implementation of vaccine has increased, experts believe that business activity will resume creating demand for petroleum products.
• Oil exploration and production companies like Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) are not expecting this price recovery to be the last moment shot-in-the-arm to salvage the difficult 2020-2021.
• There are also some sceptics of this oil price rally driven by Saudi Arabia’s production cuts. If US President-elect Joe Biden’s administration goes soft on Iran and lifts sanctions, the oil market will be oversupplied and prices may not recover. There is a lot of geopolitical turmoil that is going to steer the oil market in 2021.

$1 = Rs. 73.07

Import Custom Ex. Rate USD/ INR: 74.00

Export Custom Ex. Rate USD/ INR: 72.30