Weekly Styrene Monomer 8th January Report 2021

Weekly Price Trend: 04-01-2021 to 08-01-2021

• If we take a quick look at the above given weekly prices, it can be observed that domestic prices remained stable to firm for this week.
• Market opened with values of Rs.76/Kg and later as week progressed prices settled at the level of Rs.78/Kg in domestic market.
• Overall prices remained firm and increased in this week. Domestic values were assessed around Rs.78/Kg for bulk quantity at Kandla and Rs.76/Kg for Mumbai port of India by end of the week.

 Booking Price

INDIA & INTERNATIONAL

• Domestic prices of Styrene Monomer were assessed at the level of Rs.76-78/Kg for this week.
• Domestic prices remained extremely vulnerable and after a significant rise in last few weeks, there has been decline in domestic prices for this week.
• FOB Korea prices were assessed around USD 905-925/MT for this week. Prices has increased by USD 45/MT in last two weeks.
• CFR China prices were assessed around USD 860-880/MT, reduced by USD 45/MT in last two weeks.
• Downstream Benzene prices has increased for this week. FOB Korea Benzene values were assessed around USD 673/MT for this week. CFR China prices were assessed around USD 640/MT for this week, increased by USD 30/MT for this week.
• 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