Weekly Styrene Monomer Report 23rd October 2020

Weekly Price Trend:19-10-2020 to 23-10-2020

• If we take a quick look at the above given weekly prices, it can be observed that domesti prices remained firm and increased significantly throughout this week. 
• On Friday domestic values were assessed around Rs.63/Kg for bulk quantity at Kandla and Rs.64/Kg for Mumbai ports of India by end of the week.
• There has been rise in SM prices throughout this week. Overall there was an increase of Rs.9/Kg for SM values.

Booking Price

INDIA & INTERNATIONAL

• The domestic prices of Styrene were assessed at the level of Rs.63/Kg for Kandla and Rs.64/kg for Mumbai ports. Domestic prices have increased by Rs.1/Kg for this week.
• FOB Korea values for SM were assessed at the level of USD 810/MT for this week, increased by USD 55/MT for this week. While CFR China prices were assessed at the level of USD 805/MT for this week. Prices has increased by USD 30/MT for this week.
• FOB Korea values for Benzene were assessed around USD450/MT for this week. Prices increased by USD 30/MT for this week. CFR China prices were assessed at the level of USD 457/MT for this week, increased by USD 35/MT for this week.
• There was an improvement in Ethylene values as well. FOB Korea Ethylene prices were assessed around USD 830/MT an increase of       /MT for this week.
• There was continuous volatility in crude values for this week. On Thursday WTI crude prices were assessed around USD 40.64/MT, increased by USD 0.61/MT and Brent was assessed at the level of USD 42.64/MT, again increased by USD 0.73/MT.
• The festive season in the country has arrived with positive vibes. With upcoming holiday season and Diwali and Eid holidays will add to the fresh buying for the customers. Government data are also showing improvement signs after a long overhaul due to pandemic surge in the country.
• With drop in the fresh cases and government announcement for funding of vaccine has elated the market and has brought fresh purchases. There has been good improvement in the automobile sector with highest recovery.
• Fresh purchase in the home appliances has improved as in Indian market it is general trend to make purchase of home appliances during Diwali. The offers in the market are also lucrative to attract more customers and improve the sell. There lies concern as Indian government has also shown concern for the same. The Health ministry has asked the citizens to maintain social distancing and to avoid social gatherings and sanitisation.

$1 = Rs. 73.62

Import Custom Ex. Rate USD/ INR: 74.25

Export Custom Ex. Rate USD/ INR: 72.55