Phenol Weekly Report 31 May 2019

Weekly Price Trend: 27-05-2019 to 31-05-2019

• 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 variant throughout this week. By end of the week prices were assessed at the level of Rs. 75/Kg for bulk quantity reduced by Rs.3/Kg for bulk quantity.

Booking Scenario

INDIA & INTERNATIONAL 

• This week domestic phenol market prices were assessed around Rs.75/Kg for bulk quantity. Prices remained volatile for this week.
• CFR India prices for this week were assessed in the range of USD 1030-1050/MTS, remained unchanged for this week in compare to last week’s closing values.
• Benzene the major source for Phenol has also reduced for this week FOB Korea values for Benzene were assessed around USD 635/MT. CFR China prices on other side increased for this week. Prices were assessed in the range of USD 640/MT.
• Oil prices have been plunging to its lowest levels since March 2019. The reason behind this has been the stockpiling in US since March 2019 following a smaller than expected drop in weekly inventories.
• West Texas was recorded at $ 56.55/barrel this week, decline by 4% in this week. On other side, Brent was recorded at $66.4/barrel declined by 4.4% for this month.
• On Thursday day, closing crude values have decreased. WTI on NYME closed at $56.59/bbl. Prices have decreased by 2.22/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $2.58/bbl in compare to last closing price and was assessed around $66.87/bbl. 

Anti dumping duty imposed on Phenol imports from five origins

• China has imposed anti dumping duty on imports of Phenol from the US, Europe, South Korea, Japan and Thailand. The Chinese ministry of commerce announced on Monday the preliminary results of ADD probe which started on March 2018.
• The release of the probe’s preliminary results had been delayed by the 90-day US-China trade war truce from early December 2018. Market players expect China's ADDs on phenol imports to be finalized in November. China conducted the probe on the petition of domestic producers, including PetroChina Jilin Petrochemical, Changshu Changchun, CEPSA Shanghai, Sinopec Mitsui Chemicals, Bluestar Harbin Petrochemical, Yangzhou Shiyou and Huizhou Zhongxin. 

PLANT NEWS

Phenol/Acetone unit shut down by Sinopec Yanshan

• Sinopec Yanshan Company Beijing has shut down its Phenol/acetone unit for maintenance turnaround. The unit will be shut down by end of this week and is likely to remain off-stream for around one week.
• Unit is based at Beijing in China and has the production capacity of Phenol around 1,10,00 tonnes/year and Acetone around 70,000 tonnes/year.

$1 = Rs. 69.68

Import Custom Ex. Rate USD/ INR: 71.15

Export Custom Ex. Rate USD/ INR: 69.50