Weekly Phenol Report 4th December 2020
Weekly Price Trend: 30-11-2020 to 04-12-2020
- 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 upsurge in prices throughout this week.
- Prices were assessed at the level of Rs.83/Kg for bulk quantity. Prices increased by Rs.3/Kg for this week.
Booking Scenario
INDIA & INTERNATIONAL
- This week domestic phenol market prices were assessed around Rs.83/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 605/MT for this week. Prices increased by USD 20/MT for this week. CFR China prices were assessed around USD 600/MT for this week.
- The rise in price has been basically due to high dependency on import as there is very limited production of Phenol in India. To add on dependency on prices of crude, benzene, exchange rate, production, supply, demand and stock position of phenol are also the key factors in realizing the Phenol prices in India.
- 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.
- The Central government has announced that within few weeks vaccine will be ready. As most of the companied are under their last trial phase for this vaccine. Government has already planned and started to register the names with priorities as per the norms for vaccination. In the first week of 2021 the process vaccination will be at its full phase which has elated the market sentiments.
- Oil price rallied on positive term on Friday closing as OPEC+ agrees to partial increases in production beginning in January, preventing a breakdown in the agreement.
- According to market experts, anticipation of vaccine in near future has led to recovery in global fuel demand and further this deal will go a long way to ensure the price of oil remains supported until it can stand on its own feet without support. Brent is likely to print $50/b sooner rather than later with already strong Asian demand eventually being joined by others once the Covid-19 cloud lift.
- WTI was assessed at the level of $ 45.64/bbl increased by 0.36/bbl whereas Brent was increased by 0.46/bbl and were assessed at the level of $48.71/bbl.
$1 = Rs. 73.80
Import Custom Ex. Rate USD/ INR: 74.70
Export Custom Ex. Rate USD/ INR: 73.00
