Weekly Styrene Monomer Report 22nd January 2021 24 Jan 21, 07:08 pm

Weekly Styrene Monomer Report 22nd January 2021

Weekly Price Trend: 18-01-2021 to 22-01-2021

If we take a quick look at the above given weekly prices, it can be observed that domestic prices remained firm and strong for this week.
Market opened with values of Rs.91/Kg and later as week progressed prices settled at the level of Rs.90-91/Kg in domestic market. Now prices are declining and are approaching to its standard levels. Overall prices remained firm and later reduced in this week.

Booking Price

INDIA & INTERNATIONAL

Domestic prices of Styrene Monomer were assessed at the level of Rs.90-92/Kg for this week.
Domestic prices remained firm but could not continue the firmness and later reduced the values.
FOB Korea prices were assessed around USD 935-955/MT for this week. Prices has increased by USD 10/MT in last one week.
China prices were assessed around USD 950-970/MT, increased by USD 10/MT in last one week.
On other side downstream Benzene prices has also improved slightly for this week. FOB Korea Benzene values were assessed around USD 660/MT for this week, improved by USD 5/MT last week. CFR China prices were assessed around USD 650/MT for this week.
Market is likely to remain softened as no major announcements were heard in the international market. However, the shortage in the availability of container in Middle East has affected the petrochemical segment badly and condition is likely to continue for few more weeks.
However many units have restarted their production leading to surplus supply with soft demand due to Lunar holidays ahead.
Vaccination drive across the nation has elevated the mood in Indian domestic market. Moreover, compare to other nations there has been significant decline in the number of new cases for Corona virus which has further improved the market sentiments.
Recently Indian stock Exch. Also crossed the mark of 50,000 points which was again god sign for the Indian economy.
Markets are likely to remain bullish in countries like China as Lunar vacation is approaching soon.
In crude market the demand is likely to face tough time as new strain Corona has been spreading fast in UK and other European nations. Countries like Japan, Germany and UK has already reintroduced the restrictions and some has also imposed complete lockdown again.
On other side Saudi Arabia has announced its plant to cut the production by 1mn bbl/day in the month of February and March.