Weekly Phenol Report 12th February 2021

            Weekly Price Trend: 08-02-2021 to 12-02-2021

• The above given graph focuses on the Phenol price trend for the current week
• If we take a quick look at the above given week, prices have soared up in domestic market.
• Prices has improved by Rs.5.50/Kg for this week as week proceeded towards its closure and is likely to remain firm in the next week as well.

 Booking Scenario

 INDIA & INTERNATIONAL

• This week domestic phenol market prices were assessed around Rs.87.5/Kg for bulk quantity. Prices has improved as the week headed for its end.
• CFR India prices for this week were assessed in the range of USD 770-790/MTS for this week, increased by USD 30/MTS for this week.
• SI Group has increased its Phenol prices this week. New prices are Rs.90/Kg increased by Rs.4/KG for this week.
• Tightened supply has been soaring up the Phenol prices in domestic market. On other side Benzene prices also remained firm for this week.
• FOB Korea values for Benzene were assessed in the range of USD 715/MT, with an increase of USD 10/MT for this week.
• Oil prices edged higher on Friday, buoyed by hopes for a US stimulus bill, but a weaker demand outlook from OPEC and the International Energy Agency capped gains.
• Brent crude was on track for a weekly gain of about 2.8% while Brent was set for a 3.6% rise on the  week.
• A sharp drop in new COVID-19 cases and hospitalizations buoyed hopes life will eventually return to normal.
• This week, OPEC ratcheted down expectations for global oil demand to recover in 2021, trimming its forecast by 110,000 barrels per day (bpd) to 5.79 million bpd.
• The International Energy Agency (IEA) said oil supply was still outstripping global demand, though COVID-19 vaccines are expected to support a demand recovery.
• Further the number of people who travelled in China ahead of Lunar New Year holidays plummeted by 70% from two years ago as coronavirus restrictions curbed the world's largest annual domestic migration.

1$: Rs. 72.75

Import Custom Ex. Rate USD/ INR: 73.80

Export Custom Ex. Rate USD/ INR: 72.10