Weekly Styrene Monomer Report 5th February 2021

       Weekly Price Trend: 01-02-2021 to 05-02-2021

• If we take a quick look at the above given weekly prices, it can be observed that domestic prices remained firm for this week.
• Market opened with values of Rs.89/Kg and later as week progressed prices peaked to the level of Rs.90/Kg and later remained firm for most of the week.

 Booking Price

INDIA & INTERNATIONAL

• Domestic prices of Styrene Monomer were assessed at the level of Rs.90/Kg for this week.
• FOB Korea prices were assessed around USD 1020-1040/MT for this week. Prices has increased by USD 55/MT in last one week.
• China prices were assessed around USD 990-1010/MT, increased by USD 5/MT in last one week.
• This rise has been in particular due to soaring of crude price and its tightened supply in international market,
• On other side downstream Benzene prices firm for this week. FOB Korea values for Benzene were assessed in the range of USD 705/MT, with an increase of USD 45/MT for this week. CFR China values for Benzene were assessed around USD 710/MT.
• China market remained dull and most of the market activities remained subdued. The country will celebrate Lunar holidays for around ten days where most of the work will remain close.
• Continuous rising of prices has been quite hampering the economies of South Asian countries. Recently Indian Oil minister has slammed the decision of OPEC to cut down the production of oil. He said efforts at artificially distorting prices will have a dampening effect on the fragile global economic recovery that is underway.
• India relies on imports for more than 80 percent of its oil consumption. Like most other economies across the globe, Asia’s third-largest economy suffered a fallout from the pandemic, making it particularly vulnerable to oil price changes that benefit exporters. Its oil demand declined last year for the first time in two decades as a result of the pandemic. However, demand has been on the mend since the second half of last year, driven by higher fuel demand.

 $1 = Rs. 72.92

Import Custom Ex. Rate USD/ INR: 73.80

Export Custom Ex. Rate USD/ INR: 72.10