Weekly Toluene Report 8th January 2021

Weekly Price Trend: 04-01-2021 to 08-01-2021

• Domestic prices remained firm stable to 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.46/Kg for Kandla port and for Mumbai port.

 Booking Scenario

 INDIA & INTERNATIONAL

• This week domestic market price was assessed at Rs.46/Kg for bulk quantity for Kandla and for Mumbai port. Domestic prices have reduced heavily way from its levels in the last week of December.
• CFR India prices were evaluated at USD 610-630/MT for this week. Prices increased in this week in compare to last week’s closing values.
• FOB Korea values for Toluene was assessed around USD 545/MT for this week. Prices has been improving in international market since last two weeks.
• CFR China prices were assessed around USD 510/MT on Friday closing.
• CFR SEA prices were assessed around USD 520/MT for this week.
• FOB Korea values for Benzene were assessed in the range of USD 673/MT, improved by USD 40/MT in last two weeks. CFR China values for Benzene were assessed around USD 640/MT.
• Constant improvement in crude values in this new year has been supporting the prices rise in Toluene market.
• Crude prices have been edging higher throughout this week. There has been highly positive start for crude prices this year with solid gains after Saudi Arabia unexpectedly pledged to cut additional production, rally in global equity markets, jump in treasury yields, and a sharp decline in US crude stockpiles.
• Crude oil prices surged above $52 per barrel witnessing strong buying on-demand recovery hopes and lower supply expectations. The boost in the crude oil prices came after Saudi Arabia voluntarily pledged to cut oil output by 1 mb per day after OPEC plus nations left the oil output quota unchanged. Crude oil prices were supported by risk-on sentiments with strong equity indices and recovery in US bond yields.
• The vaccine rollouts in some parts of the world and beginning of the emergency use of a vaccine in many countries has also boosted prospects of oil demand recovery
• Prices rallied significantly during the trading session on Friday, as it has broken the level of $ 55 mark. The market is likely to continue to see a lot of bullish pressure.

 $ 1 = Rs. 73.54

Import Custom Ex. Rate USD/ INR: 74.00                                            

Export Custom Ex. Rate USD/ INR: 72.30