Weekly Styrene Monomer Report 20th November 2020
Styrene Monomer Report:
- As domestic prices were not published for this week so their domestic prices graph is not being shown over here.
- By end of this week prices were assessed at the level of Rs.92/Kg for Mumbai and Rs.93/Kg for Kandla port. Prices have increased by Rs.10-15/Kg in last fortnight.
Booking Price
INDIA & INTERNATIONAL
- Domestic prices of Styrene Monomer were assessed at the level of Rs.93-94/Kg for this week.
- Domestic prices remained extremely firm and there has been continuous hike in values in the month of November.
- Downstream product Benzene values were assessed around USD 550/MT for FOB Korea prices. CFR China prices were assessed around USD 565/MT.
- There has been continuous firmness in FOB Korea values in this week. The primary reason bas been in particularly due to stronger upstream energy and benzene values, along with coupled with confident demand trends in domestic market.
- Reports of obstinate tight regional product avails further supported the price gain.
- Stronger demand amid tight supply has increased the prices for SM in international market.
- The difficult time has again started as Covid cases has increased abruptly in national capital along with major cities like Mumbai, Ahmedabad. Safety concerns were not given priority during this lockdown which has ended into rise in this pandemic.
- Many state governments have already declared complete lockdown again for 2-3 days during this weekend.
- During this Diwali central government has announced for its third stimulus package to support the Indian economy.
- Crude values witnessed at quintessential increase due to positive sentiment for the vaccine. With positive review for Pfizer and Moderna vaccine has risen the prices in international market despite of rise in Covid infections and increased lockdown measures.
$1 = Rs. 74.16
Import Custom Ex. Rate USD/ INR: 75.20
Export Custom Ex. Rate USD/ INR: 73.50
