Weekly Styrene Monomer Report 4th December 2020

        Weekly Price Trend: 30-11-2020 to 04-12-2020

• If we take a quick look at the above given weekly prices, it can be observed that domestic prices increased after slowdown in prices in last week closing.
• Market opened with values of Rs.80/Kg and later as week progressed prices settled at the level of Rs.84/Kg in domestic market.
• Overall prices remained stable-to-firm for this week. Domestic values were assessed around Rs.84/Kg for bulk quantity at Kandla and 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.84/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.
• With a sudden rise in prices in last few weeks in international market now prices are lowering and heading towards its normal range. FOB Korea values reduced by USD 105/MT for this week and prices were assessed in the range of USD 935-955/MT for this week. CFR China prices were assessed in the range of USD 955-975/MT reduced by USD 50/MT for this week.
• Now there has been improvement in supply from Middle East and easing of prices in international market has also slowed down the chaos of SM market.
• Downstream Benzene prices has increased for this week. FOB Korea Benzene values were assessed around USD 605/MT for this week, increased by USD 20/MT for this week. CFR China prices were assessed around USD 600/MT for this week.
• The Central government has announced that within few weeks vaccine will be ready. As most of the companied are under their last trial phase for this vaccine. Government has already planned and started to register the names with priorities as per the norms for vaccination. In the first week of 2021 the process vaccination will be at its full phase which has elated the market sentiments.
• Oil price rallied on positive term on Friday closing as OPEC+ agrees to partial increases in production beginning in January, preventing a breakdown in the agreement.
• According to market experts, anticipation of vaccine in near future has led to recovery in global fuel demand and further this deal will go a long way to ensure the price of oil remains supported until it can stand on its own feet without support. Brent is likely to print $50/b sooner rather than later with already strong Asian demand eventually being joined by others once the Covid-19 cloud lift.
• WTI was assessed at the level of $ 45.64/bbl increased by 0.36/bbl whereas Brent was increased by 0.46/bbl and were assessed at the level of $48.71/bbl.

$1 = Rs. 73.80

Import Custom Ex. Rate USD/ INR: 74.70

Export Custom Ex. Rate USD/ INR: 73.00