Weekly Styrene Monomer Report 6th November 2020

Weekly Price Trend: 02-11-2020 to 06-11-2020 

• 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.79/Kg for bulk quantity at Kandla and Rs.78/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.20/Kg for SM values in last fortnight.

Booking Price

INDIA & INTERNATIONAL

• The domestic prices of Styrene were assessed at the level of Rs.79/Kg for Kandla and Rs.78/kg for Mumbai ports. Domestic prices have increased by Rs.10/Kg for this week.
• FOB Korea values for SM were assessed at the level of USD 970MT for this week, increased by USD 100/MT for this week. While CFR China prices were assessed at the level of USD 955/MT for this week. Prices has increased by USD 65/MT for this week.
• FOB Korea values for Benzene were assessed around USD490/MT for this week. Prices increased by USD 30/MT for this week.
• Stronger demand amid tight supply has increased the prices for SM in international market.
• The festive season in the country is also supporting the demand sentiments. 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 market remained subdued for this week. With upcoming Diwali festival in next week the demand remains weak for this week.
• In oil field India has requested OPEC to review its pricing policies for the Asian market and end the premium it puts on its crude for Asia in virtual OPEC-India Dialogue meeting with OPEC Secretary General Mohammad Barkindo on Thursday.
• India depends on OPEC for 78 percent of its crude oil demand, 59 percent of liquefied petroleum gas (LPG) demand, and nearly 38 percent of its liquefied natural gas (LNG) demand, the Indian minister said, noting that India imported US$92.8 billion worth of oil, gas, and petroleum from OPEC members in the 2019-2020 financial year. 

 $1 = Rs. 74.20

Import Custom Ex. Rate USD/ INR: 75.15

Export Custom Ex. Rate USD/ INR: 73.45