Weekly Phenol Report 27th November 2020
Weekly Price Trend: 23-11-2020 to 27-11-2020
- 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 upsurge in prices throughout this week.
- Prices were assessed at the level of Rs.80/Kg for bulk quantity. Prices increased by Rs.17/Kg for this week.
Booking Scenario
INDIA & INTERNATIONAL
- This week domestic phenol market prices were assessed around Rs.80/Kg for bulk quantity.
- There has been significant rise in Phenol price for this week. CFR India prices for this week were assessed in the range of USD 780-800/MTS for this week.
- Benzene the source for Phenol has also increased in this week. FOB Korea values for Benzene were assessed around USD 590/MT for this week. Prices increased by USD 35/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.
- On back of shortage in the supply domestic manufacturers like HOCL and SI group has also increased their prices.
- Indian markets are anxiously waiting for the vaccine. This week three major manufacturers have announced their vaccine efficacy so all are waiting for this vaccine. The Covid is nowhere settling in Indian cities. Major cities have announced curfew in night hours to control the pandemic.
- The Indian Prime Minister is expected to make a major announcement in a day or two regarding this pandemic vaccination. However, government has intimated all its efforts to boost the economy.
- WTI was down by 69 cents, or 1.5%, at $45.02 by 0104 GMT. U.S. crude prices did not settle on Thursday due to the holiday. Brent crude was up by 9 cents at $47.89, having fallen 1.7% overnight.
- Both benchmarks have risen about 6% this week, after AstraZeneca earlier announced that its Covid-19 vaccine could be up to 90% effective, adding to successful trial results of two others under development in the fight to end the worst pandemic in a century.
- But questions have been raised over the so-called “vaccine for the world” as several scientists have sounded doubts over how robust the results of the trials were.
$1 = Rs. 74.05
Import Custom Ex. Rate USD/ INR: 75.20
Export Custom Ex. Rate USD/ INR: 73.50
