Weekly Styrene Monomer Report 27th November 2020 28 Nov 20, 10:38 am

Weekly Styrene Monomer Report 27th November 2020

Weekly Price Trend: 23-11-2020 to 27-11-2020

If we take a quick look at the above given weekly prices, it can be observed that domestic prices increased abruptly in last few weeks. Now there has been slowdown in prices.
Market opened with its peak values of Rs.94/Kg and later as week progressed prices started to lower down in domestic market.
Prices reduced by Rs.13/Kg in this week. Domestic values were assessed around Rs.81/Kg for bulk quantity at Kandla and Rs.78/Kg for Mumbai ports of India by end of the week.

Booking Price

INDIA & INTERNATIONAL

Domestic prices of Styrene Monomer were assessed at the level of Rs.80-81/Kg for this week.
Domestic prices remained extremely vulnerable and after a significant rise in last few weeks, prices started to decline in domestic market.
SM prices has increased by more than USD 100 in last four weeks. Slowdown in production at some of its major facilities in South Korea due to accidents at manufacturing facilities has created a shortage in the supply. According to experts’ prices has reached its highest level in the last two years and are likely to continue for time being.
Looking at the Middle East as earlier mentioned there has been disruption in the supply of SM due to maintenance of units. There was huge shortage in the supply from these major suppliers along with disruption at their facilities. As weeks progressed the market sentiments has settle down and has been realizing the prices. Slowdown in the prices has been observed in Asian markets along with stabilization in the prices of Benzene which is one of its basic raw material.
Downstream product Benzene values were assessed around USD 588/MT for FOB Korea prices. Prices increased by USD 38/MT for this week. CFR China prices were assessed around USD 580/MT, rise of USD 15/MT for this week.
Reports of obstinate tight regional product avails further supported the price gain.
Indian markets are anxiously waiting for the vaccine. This week three major manufacturers have announced their vaccine efficacy so all are waiting for this vaccine. The Covid is nowhere settling in Indian cities. Major cities have announced curfew in night hours to control the pandemic.
The Indian Prime Minister is expected to make a major announcement in a day or two regarding this pandemic vaccination. However, government has intimated all its efforts to boost the economy.
WTI was down by 69 cents, or 1.5%, at $45.02 by 0104 GMT. U.S. crude prices did not settle on Thursday due to the holiday. Brent crude was up by 9 cents at $47.89, having fallen 1.7% overnight.
Both benchmarks have risen about 6% this week, after AstraZeneca earlier announced that its Covid-19 vaccine could be up to 90% effective, adding to successful trial results of two others under development in the fight to end the worst pandemic in a century.
But questions have been raised over the so-called “vaccine for the world” as several scientists have sounded doubts over how robust the results of the trials were.