Weekly Toluene Report 22nd January 2021 24 Jan 21, 07:08 pm

Weekly Toluene Report 22nd January 2021

Weekly Price Trend: 18-01-2021 to 22-01-2021

Domestic prices remained firm for this week. As the week proceeded further prices remained flat throughout the week.
By end of the week prices were assessed the level of Rs.47/Kg for Kandla port and for Mumbai port.

Booking Scenario

INDIA & INTERNATIONAL

This week domestic market price was assessed at Rs.47/Kg for bulk quantity for Kandla and for Mumbai port. Domestic prices have reduced by Rs.2/Kg for this week.
CFR India prices were evaluated at USD 640-660/MT for this week. Prices increased by USD 10/MT for this week.
FOB Korea values for Toluene was assessed around USD 570/MT for this week. Prices has improved slightly for this week.
CFR China prices were assessed around USD 548/MT on Friday closing.
CFR SEA prices were assessed around USD 554/MT for this week.
FOB Korea values for Benzene were assessed in the range of USD 660/MT, increased by USD 5/MT in last two weeks. CFR China values for Benzene were assessed around USD 650/MT.
Experts believe that market trend would remain stable to low trend.
Market is likely to remain softened as no major announcements were heard in the international market. However, the shortage in the availability of container in Middle East has affected the petrochemical segment badly and condition is likely to continue for few more weeks.
However many units have restarted their production leading to surplus supply with soft demand due to Lunar holidays ahead.
Vaccination drive across the nation has elevated the mood in Indian domestic market. Moreover, compare to other nations there has been significant decline in the number of new cases for Corona virus which has further improved the market sentiments.
Recently Indian stock Exch. Also crossed the mark of 50,000 points which was again god sign for the Indian economy.
Markets are likely to remain bullish in countries like China as Lunar vacation is approaching soon.
In crude market the demand is likely to face tough time as new strain Corona has been spreading fast in UK and other European nations. Countries like Japan, Germany and UK has already reintroduced the restrictions and some has also imposed complete lockdown again.
On other side Saudi Arabia has announced its plant to cut the production by 1mn bbl/day in the month of February and March.