Phenol Weekly Report 13 September 2019

Weekly Price Trend: 09-09-2019 to 13-09-2019

• The above given graph focuses on the Phenol price trend for the current week.
• If we take a quick look at the above given weekly price remained variable throughout this week. By end of the week prices were assessed at the level of Rs. 70/Kg for bulk quantity.

Booking Scenario

INDIA & INTERNATIONAL 

• This week domestic phenol market prices were assessed around Rs.70/Kg for bulk quantity. Prices remained variable throughout this week and were assessed at the level of Rs.70/Kg for bulk quantity.
• CFR India prices for this week were assessed in the range of USD 1020-1040/MTS, with no change in values for this week in compare to last week’s closing values.
• Benzene the major source for aromatic products has also improved for this week. FOB Korea values for Benzene were assessed around USD 700/MT, increased by USD 13/MT for this week, while CFR China prices also improved and were assessed at the level of USD 700/MT for this week.
• Crude oil futures were marginally lower during mid-morning trade in Asia Friday after an OPEC meeting held yesterday. It resulted into no supply cuts in crude production and bearish market reports on oil fundamentals.
• Ongoing trade tensions between the US and China, coupled with geopolitical risks in the Middle East and OPEC production cuts, kept prices moving within a tight range Friday morning.
• According to reports India has been one of the major beneficiaries as its imports bill has reduced heavily with declining crude prices.
• Crude oil prices fell more than $10 per barrel in a year and being the largest component in India’s overall imports, the fall in prices and demand can substantially bring down the country’s import bill. Decline in global economic indicators, US-China trade war and BREXIT uncertainty are believed to have contributed to oil price declines and volatility. In 2014, oil prices dramatically fell down to $50 per barrel from over $100 per barrel.

$1 = Rs. 70.91

Import Custom Ex. Rate USD/ INR: 72.80

Export Custom Ex. Rate USD/ INR: 71.10