Weekly Toluene Report 16th October 2020
Weekly Price Trend 12-10-2020 to 16-10-2020
- The above given graph focuses on the Toluene price trend for current week. Prices have creased as the week progressed.
- This week prices have been oscillating in the range of Rs.36-38/Kg for past one month. Prices were assessed at the level of Rs.38/Kg for Kandla and for Mumbai port.
Booking Scenario
INDIA & INTERNATIONAL
- This week domestic market price was assessed at Rs.38/Kg for bulk quantity for Kandla and for Mumbai port. Domestic prices remained highly volatile for this week.
- CFR India prices were evaluated at USD 455-475/MT for this week. There has been an improvement of USD 25/MT for Asian markets. There has been improvement in Asian market in Toluene prices.
- With starting of festive season in India the consumers are likely to make fresh purchases and this will give market a good boost.
- Recently the government of India has given some positive notes to the Indian petrochemical industry.
- Indian government is working hard to provide more relaxations and financial help to the industry to overcome the adversities of pandemic. The steps include advance payment of a part of the wages of central government employees and allowing government employees to spend tax-exempt travel allowances on goods and services. All these measures are likely to create an additional demand of 730 billion rupees ($10bn).
- The Indian government will shore up investment by spending extra rupee (Rs) 250bn on roads, ports and defense projects, and offering Rs120bn rupees in interest-free 50-year loans to state governments for spending on infrastructure before 31 March 2021.
- The other major issue hurting Indian government is the over increasing number of Covid cases. Number of cases are expected to increase more and likely to exceed those in the US in the next few weeks given the rapid surge in infections in the past two months - 3m cases in September and 2m in August.
- The Reserve Bank of India kept its policy repurchase (repo) rate unchanged at 4.0% on 9 October, in line with market expectations and the second time that the central bank has kept its rates unchanged following the 40 basis points cut on 22 May this year.
- The emerging market giant is hurting from continued spikes in coronavirus infections - which constrain domestic economic activity - and a lacklustre external environment.
$ 1 = Rs. 73.34
Import Custom Ex. Rate USD/ INR: 74.25
Export Custom Ex. Rate USD/ INR: 72.55
