Weekly Phenol Report 2 October 2020 05 Oct 20, 08:55 am

Weekly Phenol Report 2 October 2020

Weekly Price Trend: 28-09-2020 to 02-10-2020

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, there has been decline in values for this week.
Prices were assessed at the level of Rs.51/Kg for bulk quantity, increased by Rs.2/Kg in compare to last week‘s closing values.

Booking Scenario

INDIA & INTERNATIONAL

This week domestic phenol market prices were assessed around Rs.51/Kg for bulk quantity. Prices improved by Rs.3/Kg for this week.
There has been significant slowdown in domestic values due ample supply of the chemical coupled with availability of inventor at ports.
CFR India prices for this week were assessed in the range of USD 960-980/MTS for this week.
This week there has been no price declaration as major markets in Asian subcontinent will remain closed for a week. Major trade activities will resume after 8^th October 2020.
Discussion related to Phenol in US market remained blurred due to landfall of hurricane over there. Further antidumping probe is going on US Cargoes by India and China has also made the limited purchase.
Recently the government of India has given some positive notes to the Indian petrochemical industry.
COVID-19 pandemic has given ample opportunities to the chemical and petrochemical sector to grow by restoring the business models as demand for items like sanitizers, PPE, masks have increased manifold.
The vision of Indian PM for Atmanirbhar Bharat and the right steps in this direction will surely help the industry record a massive growth and reduce import dependence on any nation.
The Indian government is taking major initiatives to promote Atmanirbharta in the chemical and petrochemical sector as its development will have a positive effect on allied industries.
Most of the international market remained silent for this weekend. China has been observing the national holiday. The first week of October will remain silent in most of the north eastern region. Before holidays, the data released by China market was quite encouraging whereas rest of the Asian countries has been facing tough times.
Chinese market will remain closed till 8^th Oct on occasion of National holiday and Mid-Autumn vacations whereas markets in Taiwan and South Korea will resume operations next week.