Weekly Styrene Monomer Report 12th February 2021

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

• If we take a quick look at the above given weekly prices, it can be observed that domestic prices remained firm for this week.
• There has been continuous rise in prices for petrochemical products as crude has been surging up in the global market.
• Market opened with values of Rs.90/Kg and later as week progressed prices peaked to the level of Rs.95/Kg and later remained firm for most of the week.

 Booking Price

 INDIA & INTERNATIONAL

• Domestic prices of Styrene Monomer were assessed at the level of Rs.95/Kg for this week.
• FOB Korea prices were assessed around USD 1035-1055/MT for this week. Prices has increased by USD 15/MT in last one week.
• China prices were assessed around USD 1040-1060/MT, increased by USD 50/MT in last one week.
• This rise has been in particular due to soaring of crude price and its tightened supply in international market,
• 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.
• US 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