Weekly Styrene Monomer Report 2 October 2020
Weekly Price Trend: 28-09-2020 to 02-10-2020
- If we take a quick look at the above given weekly prices, it can be observed that domestic prices remained stable throughout this week.
- On Friday domestic values were assessed around Rs.55/Kg for bulk quantity at Kandla and for Mumbai ports of India by end of the week. Prices reduced by Rs.2/Kg for this week.
Booking Price
INDIA & INTERNATIONAL
- The domestic prices of Styrene were assessed at the level of Rs.55/Kg for Kandla and for Mumbai ports. Domestic prices reduced significantly for this week.
- FOB Korea values for SM were assessed at the level of USD 660/MT for this week. While CFR China prices were assessed at the level of USD 680/MT for this week.
- FOB Korea values for Benzene were assessed around USD 420/MT for this week. CFR China prices were assessed at the level of USD 430/MT for this week.
- This week there has been no price declaration as major markets in Asian subcontinent will remain closed for a week. Major trade activities will resume after 8th October 2020.
- Recently the government of India has given some positive notes to the Indian petrochemical industry.
- COVID-19 pandemic has given ample opportunities to the chemical and petrochemical sector to grow by restoring the business models as demand for items like sanitizers, PPE, masks have increased manifold.
- The vision of Indian PM for Atmanirbhar Bharat and the right steps in this direction will surely help the industry record a massive growth and reduce import dependence on any nation.
- The Indian government is taking major initiatives to promote Atmanirbharta in the chemical and petrochemical sector as its development will have a positive effect on allied industries.
- Most of the international market remained silent for this weekend. China has been observing the national holiday. The first week of October will remain silent in most of the north eastern region. Before holidays, the data released by China market was quite encouraging whereas rest of the Asian countries has been facing tough times.
- Chinese market will remain closed till 8th Oct on occasion of National holiday and Mid-Autumn vacations where as markets in Taiwan and South Korea will resume operations next week.
$1 = Rs. 73.15
Import Custom Ex. Rate USD/ INR: 74.50
Export Custom Ex. Rate USD/ INR: 72.80
