Weekly Phenol Report 8th January 2021
Weekly Price Trend: 04-01-2021 to 08-01-2021
- 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 firm and there has been rise in values for this week.
- Prices has reduced significantly as week proceeded towards its closure. Prices reduced by Rs3/Kg for this week.
Booking Scenario
INDIA & INTERNATIONAL
- This week domestic phenol market prices were assessed around Rs.73/Kg for bulk quantity. Prices has reduced significantly for this week.
- CFR India prices for this week were assessed in the range of USD 690-710/MTS for this week reduced by USD 50/MT for this week.
- There has been gain in Benzene prices. FOB Korea values for Benzene were assessed around USD 670/MT for this week. Prices improved by USD 40/MT for this week. CFR China prices were assessed around USD 640/MT for this week.
- There has been strong uproar in crude values last week due to positive closure of Brexit deal.
- Crude prices have been edging higher throughout this week. There has been highly positive start for crude prices this year with solid gains after Saudi Arabia unexpectedly pledged to cut additional production, rally in global equity markets, jump in treasury yields, and a sharp decline in US crude stockpiles.
- Crude oil prices surged above $52 per barrel witnessing strong buying on-demand recovery hopes and lower supply expectations. The boost in the crude oil prices came after Saudi Arabia voluntarily pledged to cut oil output by 1 mb per day after OPEC plus nations left the oil output quota unchanged. Crude oil prices were supported by risk-on sentiments with strong equity indices and recovery in US bond yields.
- The vaccine rollouts in some parts of the world and beginning of the emergency use of a vaccine in many countries has also boosted prospects of oil demand recovery
- Prices rallied significantly during the trading session on Friday, as it has broken the level of $ 55 mark. The market is likely to continue to see a lot of bullish pressure.
$1 = Rs. 73.24
Import Custom Ex. Rate USD/ INR: 74.00
Export Custom Ex. Rate USD/ INR: 72.30
