Weekly Styrene Monomer Report 30th October 2020
Weekly Price Trend: 26-10-2020 to 30-10-2020
- if we take a quick look at the above given weekly prices, it can be observed that domestic prices remained firm and increased significantly throughout this week.
- On Friday domestic values were assessed around Rs.68/Kg for bulk quantity at Kandla and Rs.60/Kg for Mumbai ports of India by end of the week.
- There has been rise in SM prices throughout this week. Overall there was an increase of Rs.5/Kg for SM values.
Booking Price
INDIA & INTERNATIONAL
- The domestic prices of Styrene were assessed at the level of Rs.68/Kg for Kandla and Rs.69/kg for Mumbai ports. Domestic prices have increased by Rs.5/Kg for this week.
- FOB Korea values for SM were assessed at the level of USD 870/MT for this week, increased by USD 60/MT for this week. While CFR China prices were assessed at the level of USD 890/MT for this week. Prices has increased by USD 85/MT for this week.
- FOB Korea values for Benzene were assessed around USD450/MT for this week. Prices remained unchanged for this week.
- The festive season in the country has arrived with positive vibes. With upcoming holiday season and Diwali holidays will add to the fresh buying for the customers. Government data are also showing improvement signs after a long overhaul due to pandemic surge in the country.
- Crude prices has been shrinking in global market since last few days. Prices had swung between parity and a more than 2 percent decline during Friday’s session as the “market is anxious” over renewed lockdowns in Europe and US elections next week.
- The Europe is facing the second wave of Corona and is going for complete lockdown. France entered a new lockdown on Friday as the resurgent coronavirus pandemic increasingly forced other countries to consider following suit, with Europe passing 10 million total infections and the United States posting a daily record of 90,000 cases.
- Europe has again become the epicentre of the pandemic, recording 40 percent more cases this week than the previous seven days, according to an AFP tally.
- India needs to be careful and alert as still the cases in India are second highest in the world.
Styrene Monomer unit restarted by US WestLake
- Force majeure was imposed on styrene was lifted and operations were started on this week.
- Earlier the plant was shut down for two months. The entire site, including ethane crackers, polyethylene (PE) units and other production units, was knocked offline by the loss of electrical power following Hurricane Laura's high winds and flooding on 27 August. Other parts of the complex restarted earlier this month.
- The force majeure, had contributed to a tighter styrene market in the US. Spot US styrene prices have firmed this month as heavy Asian demand and an open arbitrage window drew US exports. Major North American styrene producers include AmSty, INEOS Styrolution, LyondellBasell Chemical, Pemex, Shell Chemicals Canada, Total Petrochemicals and Westlake Styrene.
$1 = Rs. 74.10
Import Custom Ex. Rate USD/ INR: 74.25
Export Custom Ex. Rate USD/ INR: 72.55
