Weekly Toluene Report 12th February 2021

 Weekly Price Trend: 08-02-2021 to 12-02-2021

• Domestic prices remained firm for this week. As the week proceeded further prices increased significantly for this week.
• By end of the week prices were assessed the level of Rs.51/Kg for Kandla port and for Mumbai port.

 Booking Scenario

 INDIA & INTERNATIONAL

• This week domestic market price was assessed at Rs.51/Kg for bulk quantity for Kandla and for Mumbai port. Domestic prices remained firm with rise in prices for this week.
• CFR India prices were evaluated at USD 720-740/MT for this week. Prices increased by USD 40/MT for this week.
• Korea and China market remained closed last week as a result prices were not published. 
• This rise has been in particular due to soaring of crude price and its tightened supply in international market. Tightened supply and limited availability of stock has compelled the prices to soar up in domestic market.
• There has been continuous rise in crude prices for this week. Oil prices edged higher on Friday, buoyed by hopes for a US stimulus bill, but a weaker demand outlook from OPEC and the International Energy Agency capped gains.
• A sharp drop in new COVID-19 cases and hospitalizations buoyed hopes life will eventually return to normal.
• This week, OPEC ratcheted down expectations for global oil demand to recover in 2021, trimming its forecast by 110,000 barrels per day (bpd) to 5.79 million bpd.
• Toluene prices has increased heavily in US market. The rise in values has been in particular due to unplanned outages in US gulf. Many units has shut down their production line like Valero shut its reformer at Corpus Christi due to a pipeline leak, a Texas Commission on Environmental Quality filing showed. Further Shell has carried out planned work on an FCC unit at Deer Park in January,
• The International Energy Agency (IEA) said oil supply was still outstripping global demand, though COVID-19 vaccines are expected to support a demand recovery.
• Further the number of people who travelled in China ahead of Lunar New Year holidays plummeted by 70% from two years ago as coronavirus restrictions curbed the world's largest annual domestic migration.

$ 1 = Rs. 72.75

Import Custom Ex. Rate USD/ INR: 73.80                                            

Export Custom Ex. Rate USD/ INR: 72.10