Styrene Monomer Weekly Report 12 June 2020

Weekly Price Trend: 08-06-2020 to 12-06-2020

• If we take a quick look at the above given weekly prices, it can be observed that there has been slowdown in domestic prices for this week.
• On Friday domestic values were assessed around Rs.53/Kg for bulk quantity at Kandla and Rs.53/Kg for Mumbai ports of India by end of the week. Domestic values have reduced in this week.

Booking Price

INDIA& INTERNATIONAL

• The domestic prices of Styrene were assessed at the level of Rs.53/Kg for Kandla and Rs.53/Kg for Mumbai ports. Domestic prices have reduced for this week.
• On other side, FOB Korea values for Styrene were assessed around USD 620-640/MT, for this week. Prices remained unchanged for this week. CFR China prices were assessed at the level of USD 670/MT again with no change in values in this week. South East Asia prices of SM were evaluated at USD 660/MT.
• FOB Korea values for Benzene were assessed around USD 435/MT for this week. There has been increase of USD 18/MT in Benzene values for this week. The outbreak in prices of crude has affected whole of the petrochemical market. CFR China prices were assessed at the level of USD 445/MT for this week.
• There has been big slump in crude prices for this week. Oil prices crashed by 7 percent on Thursday, after the EIA reported on Wednesday.
• The plunge in prices set them on course for the worst daily crash since late April this year.
• Over the past few days, the oil market has been spooked by rising U.S. commercial inventories that suggest that the oil demand recovery is not as smooth as some had initially expected.
• The supply cuts have been driving the recent oil price rally, the market seemed to have banked on a steady global demand recovery similar to China’s after it exited lockdowns earlier than the other countries.
• On Thursday, closing crude values have decreased. WTI on NYME closed at $36.34/bbl. Prices have decreased by 3.26/bbl in compared to last closing prices. While Brent on Inter Continental Exchange is decreased by 3.18/bbl in compare to last closing price and was assessed around $38.55/bbl. 

$1 = Rs. 75.84

Import Custom Ex. Rate USD/ INR: 76.45

Export Custom Ex. Rate USD/ INR: 74.75