Styrene Monomer Weekly Report 13 September 2019

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

• If we take a quick look at the above given weekly prices, it can be observed that for the current week prices of Styrene Monomer has improved slightly for this week.
• On Friday domestic values were assessed around Rs.74/Kg for bulk quantity at Kandla and Rs.76/kg for Mumbai ports of India reduced by Rs.9/Kg since beginning of the week.

Booking Price

INDIA& INTERNATIONAL 

• The domestic prices of Styrene were assessed at the level of Rs.74/Kg for Kandla and Rs. 76/kg Mumbai ports. Domestic prices reduced by end of the week. Initially with the starting of the week there was significant hike as last week international prices augmented by USD 50/MT in international market.
• On other side, FOB Korea values for Styrene were assessed around USD 1035-1055/MT, heavily increased by USD 20/MTS in this week. On other side CFR China prices also improved for this week and were assessed at the level of USD 1075-1095/MT with an increase of USD 20/MT for this week. South East Asia prices of SM were evaluated at USD 1065/MT.
• 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. 

PLANT NEWS

Osaka cracker to be shut down for maintenance by Mitsui Chemicals

• Mitsui Chemicals has announced its maintenance schedule for its Oska cracker. The company has announced its maintenance schedule for the year 2020. Unit is likely to go off-stream in the month of July 2020. The unit is likely to remain off-stream for around one month.
• Unit is based at Osaka, Japan, the cracker has an ethylene capacity of 450,000 mt/year and a propylene capacity of 280,000 mt/year. 

$1 = Rs. 70.91

Import Custom Ex. Rate USD/ INR: 72.80

Export Custom Ex. Rate USD/ INR: 71.10