Weekly Phenol Report 20th November 2020
Phenol Report:
- As domestic prices were not published for this week so their domestic prices graph is not being shown over here.
- By end of this week prices were assessed at the level of Rs.63/Kg, for Kandla port. Prices have increased by Rs.6/Kg in last fortnight.
Booking Scenario
INDIA & INTERNATIONAL
- This week domestic phenol market prices were assessed around Rs.63/Kg for bulk quantity.
- There has been significant change in Phenol price for this week. 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 also increased in this week. FOB Korea values for Benzene were assessed around USD 555/MT for this week. Prices increased by USD 65/MT in last fortnight.
- 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.
- Prices are set to increase further as there will be rise in the vessel charges in due to ongoing pandemic. Container rates has already increased for specific products from South East Asia to US.
- The difficult time has again started as Covid cases has increased abruptly in national capital along with major cities like Mumbai, Ahmedabad. Safety concerns were not given priority during this lockdown which has ended into rise in this pandemic.
- Many state governments have already declared complete lockdown again for 2-3 days during this weekend.
- During this Diwali central government has announced for its third stimulus package to support the Indian economy.
- Crude values witnessed at quintessential increase due to positive sentiment for the vaccine. With positive review for Pfizer and Moderna vaccine has risen the prices in international market despite of rise in Covid infections and increased lockdown measures.
$1 = Rs. 74.16
Import Custom Ex. Rate USD/ INR: 75.20
Export Custom Ex. Rate USD/ INR: 73.50
