| Engg. Polymers -Weekly Report, Wk 4 December’22 (Dt: 24/12/2022- Posting Cycle: Weekly, Saturday) |
|
PC Due to the reduction in purchasing activities, demand for PC has weakened in the major Chinese bazaars. Consequently, the spot prices have dropped to around 16,620 Yuan/MT. Indian Bazaar: The international import offer from Lotte Chemical for PC was reported at USD 2450/MT CIF. Open Bazaar : Demand trend for engineering polymers (PC, SAN, POM, PA66, PA6, PBT) is reported to be in aggressive mode , as processors are taking active interest in purchasing the raw materials. In Mumbai and Delhi Bazaars, the basic price for PC natural grade was quoted at around Rs 199-204/Kg & Rs 209-212/Kg respectively. In Mumbai and Delhi, the price of SAN grade was noted at around Rs 127-128/Kg and Rs 132-133/Kg respectively (Excl. GST). In Mumbai and Delhi, the respective prices of POM have been quoted at around Rs 200-220/Kg, prices of Nylon 66 were reported at around Rs 310-340/Kg and PBT price was quoted at Rs 175-180/Kg(Excl. GST). |
| Weekly Report Wk 3, Dec.'22 - Engg.Polymers : PC, SAN, POM, PBT, PA6, PA66 |
|
China Bazaar : PC: Feed Stock : RMB/Mt Benzene : 6450 Phenol : 7750 acetone : 5800 Bisphenol A : 10300 PC was sold at around 16,730 Yuan/MT in the Chinese spot bazaars. The demand was weak due to buyers were with a relaxed mood due to the year ending effect. Again, the weakness in demand also resulted on account of falling raw material prices. POM: Feed Stock : RMB/Mt Methanol : 2450 Buyers have lowered their POM purchases due to weak demand for their end-products. So, the bazaars sustained muted demand conditions. PA6 & PA66: Feed Stock : RMB/Mt Benzene : 6450 Cyclohexanone : 9000 caprolactam : 11300 China Bazaar : PC: PC was sold at around 18,000 Yuan/MT in the spot bazaars, amid weak demand conditions, arising from the wait-and-watch policy of buyers. PA6: Although latent demand is there, PA6 processors are resisting the current price levels. Therefore, weak demand is prevailing in the major plastic raw material bazaars. PA66: Given the prevailing bazaar conditions, there is no prospect of any PA66 demand improvement in the near term. The prices have stayed at lows due to weak demand. Indian Bazaar : The latest international import offer from Lotte Chemical for PC was reported at USD 2450/MT CIF. Open Bazaar Status : Purchasing activities for engineering polymers (PC, SAN, POM, PA66, PA6, PBT) have picked up as processors procured the r/m actively. In Mumbai and Delhi Bazaars, the basic price for PC natural grade was quoted at around Rs 198-202/Kg & Rs 208-212/Kg respectively. In Mumbai and Delhi, the price of SAN grade was noted at around Rs 127-128/Kg and Rs 132-133/Kg respectively (Excl. GST). In Mumbai and Delhi, prices of POM have been quoted at around Rs 200-210/Kg, prices of Nylon 66 were reported at around Rs 340-345/Kg and PBT price was quoted at Rs 175-180/Kg respectively (Excl. GST). |
| Weekly Report - Engg.Polymers : PC, SAN, POM, PBT, PA6, PA66 ( Wk 2, Dec.'22) |
|
China Bazaar : PC: Feed Stock : RMB/Mt Benzene : 6400 Phenol : 8250 acetone : 6000 Bisphenol A : 10400 The year-ending mentality coupled with weak end-product sales has kept PC buyers away from the plastic raw material bazaars of China. Parallelly, falling prices of the key raw material—bisphenol—compounded to the muted demand. According to our bazaar sources, PC was sold at around 16,730 Yuan/MT in the spot bazaars. POM: Feed Stock : RMB/Mt Methanol : 990 Given what we observed in the POM bazaars of China, there is almost no chance of demand revival in the near term. Buyers have lowered their purchases due to weak demand for their end-products. PA6 & PA66: Feed Stock : RMB/Mt Benzene : 6350 Cyclohexanone : 9050 caprolactam : 11250 PA6 : Weak demand has prevailed in the PA6 bazaars of China. And traders attribute the demand weakness to the need-based purchases. Given the current state-of-affairs, the weak demand trend is likely to continue further. PA66: Lesser PA66 purchases in plastic raw material bazaars have kept the demand sluggish. Given the current conditions, we expect the demand to stay muted in the near term. Indian Bazaar : Import Offers : The international import booking from Lotte Chemical for PC was reported at USD 2450/MT CIF respectively. An Open Bazaar: Demand trend for engineering polymers (PC, SAN, POM, PA66, PA6, PBT) is reported to be positive and processors taking active interest in purchasing the raw materials in the bazaar. In Mumbai and Delhi Bazaars, the basic price for PC natural grade was quoted at around Rs *210-212/Kg & Rs 213-215/Kg respectively. In Mumbai and Delhi, the price of SAN grade was noted at around Rs *125/Kg and Rs 132/Kg respectively (Excl. GST). In Mumbai and Delhi, prices of POM have been quoted at around Rs *220-225/Kg, prices of Nylon 66 were reported at around Rs 340/Kg and PBT price cited at Rs 175-180/Kg respectively (Excl. GST). |
| Engg.Polymers -PC, POM, SAN, Nylon 6, Nylon 66, PBT . ( Weekly Report , 2 Wk November’22 ) |
|
Daily Resin Bazaar : PC, SAN, POM, PBT, Nylon 6, Nylon 66 China Bazaar : PC: Thin buying activities in the major PC bazaars provided no encouragement for the Chinese PC makers to revise their prices. While the prices of imported PC variants were reported at 18,010 Yuan/MT, the prices of domestic makes were heard at around 17,650 Yuan/MT in the major spot bazaars. Indian Bazaar : Import Offers : A latest international import booking from Lotte Chemical for PC was reported at USD 2450/MT CIF respectively.. An Open Bazaar: Demand for PC, Nylon 6, Nylon 66, PBT, POM, SAN has been noticed dull due to downward trend in Indian Bazaars. As per input received, buyers were procuring in low quantities owing to inactive demand for finish products. In Mumbai and New Delhi Bazaars, the basic price for PC natural grade was quoted at around Rs 213-215/Kg & Rs 215-218/Kg respectively. In Mumbai and Ahmedabad, the price of SAN grade was noted at around Rs 136/Kg and Rs 140/Kg respectively (Excl. GST). |
| Engg.Polymers -PC, POM, SAN, Nylon 6, Nylon 66, PBT . ( Weekly Report , 1 Wk November’22 ) |
|
China Bazaar : PC : Given the current bazaar conditions, the demand is expected to stay low. And, the prices are likely to stay range bound in the near term. The spot PC prices were reported at 18,150 Yuan / MT(excl tax). PA6 : The rise of the raw material-caprolactam-prices has created an apprehension of a possible PA6 price rise in the near term. But, the demand in the plastic raw material bazaars in China is weak with buyers not interested in buying anything in excess of their regular requirements. A trader reported the price to be at around 25,988 Yuan/MT(tax incl). ➡ Below are Spot Priceof Engg. Polymer in RMB/Mt Nylon 6 : 14133 PC 2407 : 18333 Indian Bazaar : An Open Bazaar: Demand for PC, Nylon 6, Nylon 66, PBT, POM, SAN has been noticed sluggish due to downward trend in Indian Bazaars. As per bazaar input, buyers were procuring in low quantities owing to inactive demand for finish products. In Mumbai and New Delhi Bazaars, the basic price for PC natural grade was quoted at around Rs 210-212/Kg & Rs 215-218/Kg respectively. According to our assessment, the PC offer to India from Lotte was at US$ 2450/MT CIF. In New Delhi, the price of POM, Nylon 6, Nylon 66, PBT grades were noted at around Rs 230/Kg, Rs 235/Kg, Rs 370/Kg and Rs 200/Kg respectively (Excl. GST). Again, in New Delhi and Mumbai, basic price of SAN is found at Rs 142/Kg and Rs 140/Kg respectively. To know Daily Open Bazaar Price of PC, Click : bit.ly/3IpMdfM To know use Auto Whatsapp, : Click: wa.me/919374624365 Either Send Text : Engg Or Send Numeric Code : 22 |
| PC & Other Engg.Polymers: Weekly Report & Future Trend - 3rd Wk,July'22. (Dt: 16/07/2022- Posting Cycle : Weekly, Saturday) |
|
Global : The wave of escalating inflation and unemployment in the US has eroded all optimistic concerns among global converters as they were seeing the possibility of an economic recession. In addition, there have been fears of the Fed hiking the interest rates once again. So, processors have become cautious in their raw material purchases, weakening the demand in global bazaars. At China , The bazaar price of BPA -BisPhenol A dropped & assessed lower in range of 11,500-11,600 Yuan / ton. This week, local price of PC was found stable at RMB 15600/Mt Ex Works basis.As per our study, based on dull demand & other disappointing factors PC price is excepted to decline again by next week India : Processors have restricted their purchases of PC & opted for Need base buying. They are just planning to feed their daily requirements only. In such scenario, importers and stockiest are exploring all possible ways to liquidate their ready stock at current price levels, and that too with favorable terms to buyers. As a result, buyers are encountering more attractive offers every next day. Currency Trend: The INR has depreciated against the USD to record lows, reaching 80 on Thursday. The currency depreciation has turned the bazaar game in favor of the producers. The significantly appreciated USD means the landed costs of imports are higher. And, that is one of the major influencing factors in local price revision calculation. Stated simply, higher landed costs mean higher domestic prices. Open Bazaar Price Ex Ahmedabad ( Excl. GST , Rs./Kg ) PC 2407 : Rs. 235 Lotte 1220 UR : Rs.225 Other Engineering Polymers: P.B.T. : 230 Nylon 6 : 240 Nylon 66 : 380 S.A.N. : 160 Purchase Opinion: Looking to the current scenario & expected influence of other price governing factors, Polymer Procurement is advised for routine requirement only. |
| ▶ PS & ABS Weekly Report & Future Trend : 2nd Week May 2020. |
|
🔹 Crude Oil Scenario: On Friday, Brent crude oil closed higher by 5.13% at 30.97/bbl while WTI closed higher by 5.05% at 24.74/bbl, with optimism over production cuts and rising demand for gasoline lifting to U.S. benchmark prices up by 25% this week. The EIA Wednesday reported a weekly decline in U.S. gasoline stocks. Motor gasoline demand saw implied demand drop 39.6% over a four-week period, but that’s an improvement from the previous report which showed four-week implied demand down by 43.7%.The number of oil and gas rigs operating in the United States is expected to hit an all-time low this week - reflecting data going back 80 years. ✅ Feedstock : Styrene prices closed higher by $10 at $635/mt CFR China basis compare to last week. 🔷 China Bazaar Scenario: 🔷 Styrene Monomer Spot Bazaar offers( RMB/MT) ✅ Monday Opening ( 04/05/20 ) : 5100 ✅ Week On Week Difference : Up 5.56% 🔹 Indian Bazaar : This week ,Indian PS mfgr. Supreme Ind. revised GPPS & HIPS price to Rs.84 & Rs.91 ( + GST , Ex. Nagothane ) respectively.On CIF NS basis ,latest Int'l. offers of GPPS assessed at US $ 1000-1010/MT & HIPS at US$ 1050-1060 /Mt, while quotes for ABS grades were quoted at US $ 1130-1140/Mt. Conversion industry is highly upset with multi challenges to be faced in days ahead.To address financial difficulties faced by industries, MSMEs during COVID-19 lockdown most of state government has announced an economic relief package. Lockdown will remain in force till 17 th May'20 & if reqd. GOI may re extend based on the emerging situation & figures. After reviewing current scenario & other price governing factors , Need base buying is advised. |
| ▶ PS & ABS Weekly Report & Future Trend : 1st Week May 2020. |
|
🔹 Crude Oil Scenario: On Friday Brent Crude oil closed lower by 0.15% at $ 26.44/bbl while WTI closed higher by 4.99% at $19.78/bbl. U.S. oil prices were 5% higher while Brent crude rose above $26 per barrel on Friday, with both benchmarks posting their first weekly gain in four weeks as OPEC and its allies embark on record output cuts to tackle a supply glut due to the coronavirus crisis. OPEC+, have agreed to cut output by 9.7 million barrels per day from 1st May. Several countries and regions, including China’s central province of Hubei, where the novel coronavirus behind the pandemic was first detected, are relaxing lockdowns put in place to contain the virus. ✅ Feedstock : Styrene prices closed higher by $40 at $620/mt CFR China basis compare to last week. 🔷 China Bazaar Scenario: 🔷 Styrene Monomer Spot Bazaar offers( RMB/MT) ✅ Monday Opening ( 27/04/20 ) : 5000 ✅ Week On Week Difference : Up 2.00% 🔹 Indian Bazaar : On CIF NS basis, Industry witnessed latest offers of GPPS & HIPS at US$ 1000-1010/Mt & US$ 1050-1060 /Mt respectively, while quotes for ABS grades were assessed at US $ 1130-1140/Mt. Due to nationwide lockdown, industries falling under the head of mfg. of essential goods & services are operational. On a/c of coronavirus outbreak, Indian Govt. has extended nationwide lockdown from 3rd May to 17th May'20.At other hand, industry is passing through tough time due to emerging scarcity of manpower. Most of labours have started returning to their native / home town, Which is resulting in a shortfall in production, hence reducing polymer consumption. It has become very difficult to predict & define next course of action under such a highly volatile energy sectors.Most of the commodities are selling under pressure & touched their multi year low levels.Polymer importers must monitor price controlling elements closely & conclude next step. Based on changing equations & other price controlling factors , industry shall practice 'Need base buying ' Policy. |
| ▶ PS & ABS Weekly Report & Future Trend : Last Week April 2020. |
|
🔹 Crude Oil Scenario: On Friday Oil futures finished higher for a third straight session, but U.S. prices posted a record weekly loss of more than 32%, as commodity investors attempted to take stock of a historic collapse in prices that cast a spotlight on problems of oversupply and dwindling storage in the energy complex.Gains on Friday marked a third straight advance for the international and U.S. grade oils the longest such streak of gains since a similar stretch ended March 25. Kuwait on Thursday, for example, said it would consider trimming its production early,It is unclear what effect declines in output will have in balancing the massive oversupply of crude and the lack of storage facilities which has pressured the energy industry. ✅ Feedstock : Styrene prices closed lower by $75 at $550/mt CFR China basis compare to last week. 🔷 China Bazaar Scenario: 🔷 Styrene Monomer Spot Bazaar offers( RMB/MT) ✅ Monday Opening ( 20/04/20 ) : 5150 ✅ Week On Week Difference : Down 2.91% 🔹 Indian Bazaar : At domestic front, industrial momentum is at standstill on a/c of nationwide lockdown. Latest offers of GPPS & HIPS for CIF NS , assessed at US$ 1015-20 /Mt & US$ 1065-1070 /Mt respectively, while quotation for ABS grades are accounted at US$ 1150-1160 /mt. Industry is passing through a tough time, on a/c of the heavily spread of COVID 19. Until now, converters ( except engaged in mfg. of essential goods & related products )weren't able to operate their functions due to nationwide call of Lockdown, which will be in force till 3rd May'20. If lockdown is being withdrawn or relations are offered on the scheduled date, industry is afraid that labours may return to their native/ home town-which will create a major shortage of manpower. Out of total Indian Plastic industries, more than 60-65 % of units are falling under MSME / SME & are functional with the support of skilled labour. In the absence of experienced manpower, many industries will be forced to remain shut ( Fully / Partially ) In respect with current scenario emerging with many uncertainties, we advise to opt for ' Wait & Watch ' with need base buying policy |
| ▶ PS & ABS Weekly Report & Future Trend : 4th Week April 2020. |
|
🔹 Crude Oil Scenario: On Friday, Brent Crude Oil closed higher by 0.83% at $ 28.08/bbl while WTI closed lower by 8.05% at $ 18.27/bbl. U.S. crude prices slid to a new 18-year low Friday, recording another big weekly drop with the coronavirus pandemic erasing demand for fuel and pressuring energy producers.China reported that its economy suffered a historic slump in the first quarter, OPEC predicted demand for its oil will fall to a three-decade low and U.S. and Europe inventories swelled. Meanwhile, prices in the physical oil market have disconnected from futures, with landlocked crudes such as Bakken and Western Canadian Select worth about $11 to $12 a barrel. ✅ Feedstock : Styrene prices closed higher by $50 at $630/mt CFR China basis compare to last week. 🔷 China Bazaar Scenario: 🔷 Styrene Monomer Spot Bazaar offers( RMB/MT) ✅ Monday Opening ( 13/04/20 ) : 5400 ✅ Week On Week Difference : Down 4.63% 🔹 Indian Bazaar : This week , Latest overseas offers for GPPS & HIPS were assessed at US$ 1030-1040/Mt & US$ 1060-1070/Mt respectively. However ABS grades were offered in range of US$ 1150-1160/Mt for CIF NS.Buying pulse is much poor due to ongoing shutdown across India. Recent lockdown has been extended till 3 rd May '20 & govt. will announce further guidelines & next course of action-based on data of April last week. This week , USD became more stronger against INR & exchange rate crossed mark of Rs.76-77.Wef 17 th April '20- Indian Govt. also raised their US$-INR exchange rate by Re.1.30/US$ at 77.65 for valuation of goods under import. Recent phase invites more attention on price governing factors & step in to cautious buying. |
| ▶ PS & ABS Weekly Report & Future Trend : 3rd Week April 2020. |
|
🔹 Crude Oil Scenario: On Friday, Brent crude oil closed higher by 13.93% at $ 34.11/bbl while WTI On Friday, Brent crude oil closed lower by 4.14% at $ 31.48/bbl while WTI closed lower by 9.29% at $ 22.76/bbl. Global oil producers and refiners are struggling with a series of unprecedented dislocations as the simultaneous epidemic and volume war between Saudi Arabia and Russia rip through every element of the supply chain.U.S. fuel demand has dropped by about one-third in the last three weeks, according to the U.S. Energy Information Administration, with last week's fall of 3.4 million barrels per day (bpd) the most ever. The declines have been particularly sharp in gasoline demand, which has been cut nearly in half in the last three weeks alone. ✅ Feedstock : Styrene prices closed higher by $70 at $590/mt CFR China basis compare to last week. 🔷 China Bazaar Scenario: 🔷 Styrene Monomer Spot Bazaar offers( RMB/MT) ✅ Monday Opening ( 06/04/20 ) : 4700 ✅ Week On Week Difference : Up 4.62% 🔹 Indian Bazaar : Latest International offers for GPPS & HIPS assessed lower at 900 US$/Mt & 1010 US$/Mt respectively, While ABS offered observed at US$ 1190-1200/Mt for CIF Nhava Sheva. Whole country is stagnant under call of nation wide lockdown ,most of industries aren't functional. However Industries registered under head of ' Essential goods & products ' are functional with reqd. permission of local authorities /civic bodies. At Forex Industry : Indian rupee depreciated marginally against US$ & also crossed barrier of Rs.77 mark during intraday trade. USD-INR exchange rate plays vital role in deciding landing price of imported goods & subsequently in accordance to same Indian producers revise their price for domestic bazaar. Strong US$ has helped local polymer producers to hold price at certain levels. Considering current critical time of industry , we advise to monitor all price governing factors closely & for now one shall opt ' Wait & Watch' until situation turns back to normal. |
| ▶ PS & ABS Weekly Report & Future Trend : 2nd Week April 2020. |
|
🔹 Crude Oil Scenario: On Friday, Brent crude oil closed higher by 13.93% at $ 34.11/bbl while WTI closed higher by 11.93% at $ 28.34/bbl. Crude prices saw record weekly increases ahead of a highly anticipated meeting Monday of members of the Organization of Petroleum Exporting Countries, their allies and any other interested parties. Trump tweeted on Thursday that he had brokered a deal for Saudi Arabia, Russia and other oil producers to cut between 10 million and 15 million barrels of supply from daily world output. ✅ Feedstock : Styrene prices closed lower by $20 at $535/mt CFR China basis compare to last week. 🔷 China Bazaar Scenario: 🔷 Styrene Monomer Spot Bazaar offers( RMB/MT) ✅ Monday Opening ( 30/03/20 ) : 4716 ✅ Week On Week Difference : Down 0.35% 🔹 Indian Bazaar : In order to stop spread of corona virus , Indian govt. has announced nationwide lockdown for 3 weeks. Such precautionary action has kept all mfg.industries to undergo unplanned shutdown. All bazaars are closed & waiting to get operational from 14th April 2020, If situation permits. This Week, offers for GPPS , HIPS & ABS variants recorded with visible price correction.After reviewing global scenario & other price deciding factors, 'Need base buying' is suggested once buyers are back to desk. |
| ▶ PS & ABS Weekly Report & Future Trend : 1st Week April 2020. |
|
🔹 Crude Oil Scenario: On Friday, Brent crude oil closed lower by 5.35% at $ 24.93/bbl while WTI closed lower by 4.82% at $ 21.51/bbl, Oil prices plunged 5% on Friday and posted a fifth straight weekly loss as demand destruction caused by the coronavirus outweighed stimulus efforts by policymakers around the world.With 3 billion people in lockdown, global oil demand could be cut by a fifth, International Energy Agency head Fatih Birol said as he called on major producers such as Saudi Arabia to help to stabilise oil bazaar. 🔷 China Bazaar Scenario: 🔷 Styrene Monomer Spot Bazaar offers( RMB/MT) ✅ Monday Opening ( 23/03/20 ) : 5033 ✅ Week On Week Difference : Down 6.29% 🔹 Indian Bazaar : On account of Corona Virus outbreak & recent nation wide lockdown all Bazaars are closed.Hence latest price for Indian Open bazaars will be made available once Industry is back to desk & fully functional.Most of the Indian Polymer Producers has already announced fully or partial closure of their operations under head of Force Majeure ( FM ). Companies has been also approached with request to consider disability of Processors to fulfil their MOU commitments during such critical phase. Hence relaxations or an extension is likely to be announced by Polymer Producers in days ahead |
| ▶ PS & ABS Weekly Report & Future Trend : 4th Week March 2020. |
|
🔹 Crude Oil Scenario: On Friday, Brent Crude closed lower by 1.49% at 26.98/bbl while WTI closed lower by 2.79% at 22.43/bbl. U.S. crude prices notched a weekly loss of 29%, the steepest since the outset of the U.S./Iraq Gulf War in 1991. Brent crude dropped by 20%. Both benchmarks have dropped for four straight weeks.U.S. officials scrambled to respond on Friday, saying they would send a U.S. Energy Department official to Saudi Arabia for several months to work on stabilizing energy markets. Also, a Texas state regulator spoke with OPEC Secretary General Mohammad Barkindo about the possibility of a global production cut. 🔷 China Bazaar Scenario: 🔷 Styrene Monomer Spot Bazaar offers( RMB/MT) ✅ Monday Opening ( 16/03/20 ) : 6166 ✅ Week On Week Difference : Down 8.65% 🔹 Indian Bazaar : This week , international offers for CIF NS, Mumbai for GPPS & HIPS assessed at US$ 1090-1100/Mt & US$1150-1160/Mt respectively,While offers for ABS recorded at US$1290-1300/Mt.Demand tone is mute with an approach of need base procurements only.In a historical context , USD appreciated marginally against INR & closed above mark of 75,however crude & gas price reduced above 25%.Goldman Sachs slashed its price forecast for second-quarter Brent crude oil by a third to $20/bbl. Whole economy & industry is passing through major uncertainty due to widely spread corona virus out break ,which has created havoc across globe.As a precautionary measure ,Indian govt. has announced advisory & urge all citizens to take extra care of health by opting self isolation at least for next 2 weeks. Financial capital Mumbai along with many other cities has been asked to undergo fully / partial lock down to control virus spread at a large.Keeping health as a first & foremost priority- most of manufacturing industries are going to close / shut their operations either fully / partially. This is going to impact adversely on polymer consumption & procurement pattern. Under given situation & calculating price governing factors , we advise to opt for cautious buying. |
| ▶ PS & ABS Weekly Report & Future Trend : 3rd Week March 2020. |
|
🔹 Crude Oil Scenario: On Friday, Brent Crude closed higher by 1.90% at $ 33.85/bbl, WTI closed higher by 0.73% at $ 31.73/bbl, but a Saudi-Russian price war and the global spread of the COVID-19 pandemic still meant prices posted the sharpest weekly drop since 2008. The coronavirus sparked panic selling across markets for the bulk of the week. The virus has infected at least 138,000 people worldwide and killed more than 5,000, disrupting business, markets and daily life. Hopes for a US stimulus package that could ease an economic shock from the coronavirus provided some support to the oil and stock markets on Friday. 🔷 China Bazaar Scenario: 🔷 Styrene Monomer Spot Bazaar offers( RMB/MT) ✅ Monday Opening ( 09/03/20 ) : 6583 ✅ Week On Week Difference : Down 5.06 🔹 Indian Bazaar : At Indian Bazaar -buying sentiments are much poor for GPPS, HIPS & ABS.This week , latest offers for GPPS & HIPS for CIF Nhava Seva assessed at US1130-1140 $/Mt & US 1190-1200 $/Mt respectively. While offer for ABS for same location recorded at US 1330-1340 $/Mt for late March shipments. Drastic fall of Crude & Natural gas price during week is going to leave major footprint on Polymers price. In addition to this COVID 19 -outbreak as major influencing factor disrupting global supply chain movement, mfg. ratio & finally slowing down demand in finished products.Processors are planning to book inventories at most low levels by opting for need base purchase only. Looking to current scenario & global turmoil - buying is suggested for routine consumption only. |
| ▶ PS & ABS Weekly Report & Future Trend : 2nd Week March 2020. |
|
🔹 Crude Oil Scenario: On Friday,Brent Crude Oil closed lower by 9.44% at $ 45.27/bbl while WTI closed lower 10.07% at $ 41.28/bbl, bazaar rallied a bit during the week but rolled over again as OPEC can do very little to stem the selloff. There had been talk about OPEC cutting back 1 million barrels per day while the others such as Russia could cut back 500,000 per day, but that has fallen apart. As per sources that Moscow would not back an OPEC call for extra reductions in oil output and would agree only to an extension of existing cuts by OPEC and its allies, a group known as OPEC+. 🔷 China Bazaar Scenario: The coronavirus outbreak continues to severely disrupt economic activity and will weigh heavily on economic growth in the first quarter of 2020. Chinese government has restricted transportation, which, together with widespread fear among the population, is hitting consumption and manufacturing. That said, recent monetary easing measures and targeted fiscal support from the government should be propping up activity somewhat. Plastics & polymer industry is largely affected by corona epidemic ,which reflects from the polymers continuously falling price & reduced consumption pattern. 🔷 Styrene Monomer Spot Bazaar offers( RMB/MT) ✅ Monday Opening ( 02/03/20 ) : 6600 ✅ Week On Week Difference : Stable 🔹 Indian Bazaar : Latest Int'l. quote for CIF NS of GPPS & HIPS assessed at US$ 1160-1170 /MT & US $ 1180-1190 /MT respectively for March'20 shipments, while ABS accounted for US$ 1320-1330 /MT.During such volatile phase processors are following ' Need base buying ' pattern & not ready to build any inventories. Based on current scenario & changing global equations , we advise to step in for cautious buying only. |
| ▶ PS & ABS Weekly Report & Future Trend : 1st Week March 2020. |
|
🔹 Crude Oil Scenario: On Friday, Brent Crude closed lower by 3.18% at $ 50.52/bbl while WTI closed lower by 4.95% at $ 44.76/bbl, with U.S. benchmark prices down over 16% for the week, the largest weekly decline in more than 11 years, with the spread of the COVID-19 epidemic around the world expected to significantly dent demand for crude. The tumble puts increased pressure on the OPEC+ as they prepare to meet next week to discuss the possibility of additional production cuts in a bid to balance supply and demand.New reports on Friday said that key OPEC members were looking favorably on a larger-than-previously-expected output cut. 🔷 China Bazaar Scenario: The Coronavirus Disease 2019 (Covid-19) outbreak in China is expected to disrupt supply-demand dynamics of the petrochemicals bazaar, causing a possible continued pressure on average selling prices across the petrochemicals value chain.According to ongoing situation- the prolonged Lunar New Year holiday that took place since late-January had further exacerbated the situation with disruptions at various petrochemical plants in China. Sinopeck-SK Wuhan Petrochemical which had lowered the operating rate of its 800 KTPA cracker by 10 % recently. In addition to this, company's 300KTPA cracker expansion which is scheduled for completion in July'20 has been delayed. Price levels are continuously experiencing selling pressure & falling down on account of restricted / shutdown or partially operated mfg. activities. 🔷 Styrene Monomer Spot Bazaar offers( RMB/MT) ✅ Monday Opening ( 24/02/20 ) : 6633 ✅ Week On Week Difference : Up 1.01% 🔹 Indian Bazaar : Latest Int'l. quote for CIF NS of GPPS & HIPS assessed at US$ 1160-1170 /MT & US $ 1180-1190/MT respectively for March'20 shipments, while ABS accounted for US$ 1320-1330 /MT.During such volatile phase processors are following " Need base buying " pattern & not ready to build any inventories. Based on current scenario & changing global equations , we advise to step in for cautious buying only. |
| ▶ PS & ABS Weekly Report & Future Trend : 4th Week February 2020. |
|
🔹 Crude Oil Scenario: On Friday, Brent crude oil closed lower by 1.37% at 58.50/bbl, while WTI closed lower by 0.78% at $ 53.46/bbl. pressured by a reported rift in the crude-production alliance between Saudi Arabia and Russia, as concerns about the spread of COVID-19 in China and beyond take a toll on expectations for energy demand. OPEC+ are scheduled to hold meetings on March 5-6 in Vienna to discuss production and demand against a backdrop of worries surrounding COVID-19. 🔷 China Bazaar Scenario: ✅ Week On Week Difference : Up 1.02% 🔹 China Bazaar: High End panic & lot of uncertainties - is a current situation due to Corona Virus epidemic . The out break has impacted total supply chain marginally & hampered global trade. In order to prevent virus spread Chinese authorities had asked industry to opt for fully or partially closure/shut down. Inventory levels are piling up with Polymer producers as convertors are not fully back to desk. 🔹 Out Look : At Global Bazaar : Ample availability & sluggish demand in finished products , has created an environment of price war, though planned / Unplanned turn arounds will take place in South East Asian countries.
At India : This week , open bazaar remained under selling pressure for GPPS , HIPS & ABS variants.Indian producer has offered handsome discounts on lifting of GPPS for the month of February'20. Current delta between GPPS & HIPS price has reached new heights of Rs 8-10/kg.Latest offers for GPPS & HIPS for Nhava seva assessed at US$ 1160-1170/ Mt & US $ 1180-1190 /Mt respectively with approx. decrement of US$ 20/mt when compared with last week offers,While offers for ABS accounts for US $1340-1350 /Mt for March'20 deliveries. Lackluster buying interest & other price governing factors signals to operate safe before entering into inventory building exercise. Convertors are advised to opt for Need base buying. |
| ▶ PS & ABS Weekly Report & Future Trend : 1st Week February 2020. |
|
🔹 Crude Oil Scenario:
On Friday, Brent Crude oil closed lower by 0.22% at 58.16/bbl, while WTI closed lower by 1.11% at $ 51.56/bbl, were on track for a fourth consecutive weekly loss, as markets grew more concerned about the economic damage of the new coronavirus that has spread from China to around 20 countries, killing more than 200 people. Saudi Arabia has opened a discussion about moving an upcoming policy meeting to early February from March to address the impact of coronavirus on crude demand. 🔹 China Bazaar: Due to Corona Virus, China bazaar will remain close upto 9th Feb’20. Shanghai authorities have separately advised companies not to resume work until at least Feb. 9th. 2020. 🔹 Purchase Opinion : Remaining close for long holidays & non participation in global buying ,Polymers price is going to be highly affected. Considering the above possibilities along with geo political unrest & other price governing factors , Polymer buying is advisable at current price levels. |
| ▶ PS & ABS Weekly Report & Future Trend : Last Week January 2020. |
|
🔹 Crude Oil Scenario: On Friday,Brent crude closed lower by 2.18%at $60.69/bbl while WTI closed lower by 2.25% at $53.49/bbl,heading for a weekly decline as concern that the coronavirus in China may spread, curbing travel and oil demand, outweighed the impact of cuts to supply. U.S. Energy Information Administration's latest weekly supply report, which on Thursday showed crude inventories fell 405,000 barrels in the week to Jan. 17. Saudi Arabia's energy minister said all options are open at the next OPEC+ meeting in March, including further cuts, Al Arabiya television reported on Thursday. ✅ Week On Week Difference : No Change Stagflation looms as India grinds toward its slowest expansion in more than a decade. As per available source Indian Government may revise BCD ( Basic Custom Duty ) upward on import of polymers in range of 2.5 to 5 % in order to safe guard domestic polymer producers. 👉 Taking all price deciding factors in to calculation- Polymer procurement is suggested at current level. |
| PS & ABS Weekly Report & Future Trend : 4th Week January 2020. |
|
Looking to current scenario , geological unrest , international trend & other price governing factors - Polymer buying is suggested. |
| ▶ PS & ABS Weekly Report & Future Trend : 3rd Week January 2020. |
|
🔹 Crude Oil Scenario: On Friday, Brent crude oil closed lower by 0.60% at 64.98/$, WTI also closed lower by 0.87% at 59.04/$,with prices posting their biggest weekly percentage fall in at least five months, as fears of a wider U.S.-Iran confrontation faded and data earlier this week showed a rise in U.S. crude inventories.Iran responded earlier this week with missile strikes aimed at bases housing U.S. forces in Iraq. The attacks produced no U.S. casualties and President Donald Trump on Wednesday indicated he was uninterested in further escalation of the conflict. The Energy Information Administration on Wednesday said U.S. crude inventories rose by 1.2 million barrels in the previous week. 🔷 China Bazaar Scenario: 🔷 Styrene Monomer Spot Bazaar offers( RMB/MT) ✅Monday Opening ( 06/01/20 ) : 7216 ✅Friday Closing ( 10/01/20 ) :7233 ✅Week On Week Difference : Up 0.23% 🔷 Indian Bazaar : At domestic front , buying sentiments are strong amid higher international offers & limited avails of material.Indian producers announced price increments wef 9th Jan'20- in addition to withdrawal of discount scheme. Latest offers for GPPS & HIPS for CIF Nhavaseva assessed at US$1160-1170 /mt & 1210-1220/mt respectively, while ABS is offered at $1420-1430 /mt .Referring to ongoing scenario along with factors influencing pricing policies - Polymer buying is suggested at current level. |
| PS & ABS Weekly Report & Future Trend : 2nd Week January 2020. |
|
🔹 Crude Oil Scenario: On Friday, Brent crude oil closed higher by 3.55% at $ 68.60/bbl while WTI closed higher by 3.06% at $ 63.05/bbl. Oil prices were already trending higher when the EIA released its weekly petroleum status report, pushed up by news about a U.S. air strike in Baghdad that killed a high-ranking Iranian military commander. This is the latest move in a fast escalation in the Middle East that has already sparked worry about the security of supply from the world’s number-one exporting region. 🔷 China Bazaar Scenario: 🔷 Styrene Monomer Spot Bazaar offers( RMB/MT) ✅Monday Opening ( 30/12/19 ) : 7266 ✅Friday Closing ( 03/01/20 ) :7150 ✅Week On Week Difference : Up 1.61% 🔷 Indian Bazaar : On account of recent developments of conflict between USA & Iran - Crude OIL prices soared more than 4 % after a US airstrike killed Iranian General Qassem Soleimani. Assumptions are being made to observe hike in global polymer offers -if situation isn't improving & tension continue to remain. Indications are coming in news to witness price rise in day ahead supported by ongoing higher crude price, changing global equations & other price governing factors. At current rate ,we advise to step in to procurement, Indian producers may revise prices upward. |
| PS & ABS Weekly Report & Future Trend : Week 1st January 2020. |
|
🔹 Crude Oil Scenario: On Friday, Brent Crude closed higher 0.35% at $ 68.16/bbl, while WTI closed higher 0.06% at $61.72/bbl, finished a holiday-shortened week near a three-month peak, after a report showed a bigger-than-expected decline in U.S. stores of crude and its byproducts.EIA data also showed supply increases of 1.963 million barrels for gasoline stocks and a decline of roughly 152,000 barrels for distillates. U.S. energy reports were delayed this week due to the Christmas holiday. OPEC+ may consider ending a pact to reduce global production next year. 🔷 China Bazaar Scenario: 🔷 Styrene Monomer Spot Bazaar offers( RMB/MT) ✅Monday Opening ( 23/12/19 ) : 7383 ✅Friday Closing ( 27/12/19 ) :7266 ✅Week On Week Difference : Down 1.58% 🔷Indian Bazaar : Global trend is shifting from stable to firm.Buying pulse is improved with an approach to build inventories at current price level. Looking to current scenario, changing global equations & other price governing factors ,Polymer buying is suggested. |
| Click to edit table header |
|
🔹 Crude Oil Scenario: On Friday, Brent Crude oil closed lower by 0.60% at $ 66.14/bbl while WTI closed lower by 1.21% at $ 60.44/bbl, but both benchmarks logged a third straight weekly gain amid the easing of U.S.-Chinese trade tensions, which has boosted business confidence and the outlook for global economic growth.China on Thursday announced a list of import tariff exemptions for six oil and chemical products from the United States, days after Washington and Beijing said an interim trade deal is set to be signed in January. 🔷 China Bazaar Scenario: 🔷 Styrene Monomer Spot Bazaar offers( RMB/MT) ✅Monday Opening ( 16/12/19 ) : 7400 ✅Friday Closing ( 20/12/19 ) :7450 ✅Week On Week Difference : Up 0.68% 🔷Indian Bazaar : Local demand is encouraging after recent hike in ABS prices. Latest international offers for CIF NS assessed higher in range of $10-20/mt for GPPS & HIPS at $1145-1155/mt & $1190-1200/mt respectively ,while ABS offers were static at $ 1370-1380/mt for January 2020 shipments. Processors are steadily increasing their buying volumes in order to build inventories with an anticipation of price rise in days ahead.After reviewing all price governing factors , purchase of polymer is advisable. |
| PS & ABS Weekly Report & Future Trend : Week 3rd December 2019. |
|
🔹 Crude Oil Scenario:On Friday, Brent Crude closed higher by 1.59% at $ 65.22/bbl while WTI closed higher by 1.50% at $ 60.07/bbl. The U.S. and China said they have reached a preliminary agreement on a phase one trade agreement. The lack of a trade agreement had been a major headwind to crude demand, but oil prices got a boost Thursday when President Donald Trump tweeted that the U.S. was “getting VERY close to a BIG DEAL with China.” 🔷 China Bazaar Scenario: 🔷 Styrene Monomer Spot Bazaar offers( RMB/MT) ✅Monday Opening ( 9/12/19 ) : 7500 ✅Friday Closing ( 13/12/19 ) :7450 ✅Week On Week Difference : Down 0.67% 🔷Indian Bazaar : Moderate buying activities reported in the
region with wait & watch policy adopted by buyer. Latest offers for
GPPS ,HIPS & ABS for CIF Nhava seva
assessed almost stable when compared with last week.Processors are not ready to
carry extra inventories & voicing need base buying tone.Thin demand in
finished products , cut throat competition & payment crisis has forced
converters to act much cautiously. Looking to current scenario & changing global equations , Polymer buying is suggested. |
| ▶ PS & ABS Weekly Report & Future Trend : Week 2nd December 2019. |
|
🔹 Crude Oil Scenario:
On Friday Brent Crude closed higher 1.58% at $64.39/bbl while WTI closed higher by 1.32% at 59.20/bbl. U.S. prices up more than 7% for the week to mark their highest weekly percentage climb since June. Prices got a lift after the OPEC+ announced an agreement to cut production by an additional 500,000 barrels a day starting in January. Including the 1.2 million barrels in reductions under the current pact, that will bring total output cuts to 1.7 million barrels a day from October 2018 levels. 🔷 China Bazaar Scenario: 🔷 Styrene Monomer Spot Bazaar offers( RMB/MT) ✅Monday Opening ( 2/12/19 ) : 7316 ✅Friday Closing ( 6/12/19 ) :7416 ✅Week On Week Difference : Up 1.37% 🔷Indian Bazaar : The buying sentiments seems to be of modest improvements after recent price hike in HIPS.Latest international offers for GPPS & HIPS assessed stable at $1100-1110/mt while 1170-1180/mt CFR Nhava Sheva basis respectively, while ABS offers also stood stable at $ 1330 - 1340/mt CFR Nhava Sheva basis. Based on recent development , With 1st January 2020-international freight charges are likely to be increased on account of IMO ( International Maritime Organisation ) regulation.As per regulation, shipping companies will have to shift their usage of gasoline with low sulfur percentage. ( 0.5% M/M against current used fuel of 3.5% ). Implementation of above regulation will invite hike in shipping charges by approximately US $ 10-15 /mt ,which will result in higher landing cost allowing polymer price to rise. Referring to recent set of variants which effects Polymer's price - buying at current levels is advisable. |
| PS & ABS Weekly Report & Future Trend : Week 4th November 2019. |
|
🔹 Crude Oil Scenario:On Friday, Brent Crude oil closed lower by 0.91% at 63.39/bbl, while WTI Closed lower 1.38% at 57.77/bbl. Oil pared its third weekly advance amid mixed signals on a trade agreement between the U.S. and China, which would end an impasse that has weighed on the global economy and fuel demand. The EIA on Wednesday reported that U.S. crude supplies rose by 1.4 million barrels for the week ended Nov. 15. That followed increases in each of the past three weeks. 🔷 China Bazaar Scenario: 🔷 Styrene Monomer Spot Bazaar offers( RMB/MT) ✅Monday Opening ( 18/11/19 ) : 7483 ✅Friday Closing ( 22/11/19 ) :7233 ✅Week On Week Difference : Down 3.34% 🔷Indian Bazaar : Global prices softened further ,which has forced local producers to offer Additional discounts to boost buying sentiments in GPPS,HIPS & ABS.Manufacturers are of the opinion to keep raw material stock at bottom levels until situation improves. Imported cargoes with cheaper price are hitting sale of domestic make ,while industry is also affected severely due to migration of finished products from Plastic to other traditional material. At PolymerBazaar,after reviewing price controlling factors -Need base buying is suggested at current level. |
| PS & ABS Weekly Report & Future Trend : Week 2nd November 2019. |
|
🔹 Crude Oil Scenario:On Friday, Brent Crude closed higher by 0.35% at $ 62.51/bbl while WTI closed higher 0.16% at $ 57.24/bbl. U.S. prices settling at a fresh six-week high, as traders gauged expectations for energy demand against conflicting news tied to China-U.S. trade talks.On Friday, President Donald Trump told reporters that he hasn’t yet agreed to remove tariffs on Chinese goods. On top of that, recent inventory reports indicate that supplies are rising faster than uptake. 🔷 China Bazaar Scenario: 🔷 Styrene Monomer Spot Bazaar offers( RMB/MT) ✅Monday Opening ( 4/11/19 ) : 7466 ✅Friday Closing ( 8/11/19 ) :7600 ✅Week On Week Difference : Up 1.79% 🔷Indian Bazaar : This week , Indian Producer Supreme Ind. slashed GPPS & HIPS price by Re 1/kg.Latest offers of ABS , HIPS & GPPS for CIF NS were assessed lower when compared with last week. Buying tone is under pressure & processors are planning to keep inventories at most low level.After reviewing current price governing factors , wait & watch is suggested. |
| PS & ABS Weekly Report & Future Trend : Week 1st November 2019. |
|
🔹 Crude Oil Scenario:On Friday, Brent crude closed higher by 3.47% at $ 61.69/bbl, while WTI closed higher by 3.73% at $ 56.20/bbl, on signs of progress in U.S.-China trade talks and stronger-than-expected economic data in both countries, including U.S. employment and Chinese manufacturing activity numbers. But the move higher was not enough to recover losses earlier in the week and oil ended the week lower. President Donald Trump and U.S. negotiators are “very optimistic” on a trade deal with China, White House adviser Larry Kudlow said on Friday. 🔷 China Bazaar Scenario: 🔷 Styrene Monomer Spot Bazaar offers( RMB/MT) ✅Monday Opening ( 28/10/19 ) : 7800 ✅Friday Closing ( 01/11/19 ) :7566 ✅Week On Week Difference : Down 2.99% 🔷Indian Bazaar : Wef 1st Nov.19, Indian Producer Supreme Ind. decreased rate of GPPS & HIPS by Re.1/kg ,however demand is still a constraints since industry remained busy in celebrating Indian Traditional New Year ' DIWALI'.Fresh round of offers for GPPS & HIPS assessed at USD 1150-1160/MT & US$ 1200-1210 /MT respectively ( CIF NS).ABS is also under pressure of witnessing price cut since latest international offers for same is assessed down by USD 20/mt at US$ 1360-1370 for CIF Nhavaseva for late November deliveries. Processors aren't ready to build inventories at current levels in anticipation of more attractive offers to be announced in days ahead. Reviewing recent trend & further variables, we advise to proceed for Need base buying for now. |
| PS & ABS Weekly Report & Future Trend : Week 4th October 2019. |
|
🔹 Crude Oil Scenario: On Friday, Brent crude closed lower by 0.82% at $ 59.42/bbl while WTI closed lower by 0.28% at 53.78/bbl. Futures in New York fell 1.7% this week, while Brent Crude slashed by 1.8% in past week. U.S. crude inventories rose by 9.3 million barrels in the week through Oct. 11, according to data from EIA. The U.S. and Turkey reached a case-fire pact in Syria, temporarily easing Middle East tensions.Oct.19. 🔷 China Bazaar Scenario: 🔷 Styrene Monomer Spot Bazaar offers( RMB/MT) ✅Monday Opening ( 14/10/19 ) : 8166 ✅Friday Closing ( 18/10/19 ) :7766 ✅Week On Week Difference : Down 4.90% 🔷Indian Bazaar : An approach of ' Wait & Watch' -observed in current buying pattern ,though industry is about to observe ' Traditional New Year - Diwali'.Buying pattern is muted & highly effected due to Single Use Plastic ban issue.However 'SUP' ban isn't implemented by Indian Govt. Industry is waiting for attractive offer for next procurement. Buyers are requested to monitor major price supporting equations closely before stepping in to inventory building.Based on current scenario & other commercial factors -buying is advisable for routine consumption only. |
| PS & ABS Weekly Report & Future Trend : Week 3rd October 2019. |
|
🔹 Crude Oil Scenario: On Friday, Brent crude oil closed higher by 2.39% at $60.51/bbl, while WTI closed higher 2.15% at $ 54.70/bbl, a weekly gain of nearly 4%. Progress in U.S.-China trade negotiations eased worries about energy demand, and news of an explosion on an Iranian tanker fed tensions in the Middle East, raising the potential for crude-output disruptions in the region are big factors for the rise. The EIA on Wednesday reported that U.S. crude supplies climbed for a fourth week in a row, by 2.9 million barrels for the week ended 4th Oct.19. 🔷 China Bazaar Scenario: 🔷 Styrene Monomer Spot Bazaar offers( RMB/MT) ✅Monday Opening ( 7/10/19 ) : 8666 ✅Friday Closing ( 11/10/19 ) :8250 ✅Week On Week Difference : Down 4.81% 🔷Indian Bazaar : At local Bazaar - demand is slow though festive season is approaching.This week- Indian PS producers announced discount of Rs.2/kg for GPPS & HIPS ( for quantity buyers ).ABS prices are static & witnessing ' wait & watch ' approach of buyers . The international offers for CIF NS pertaining import of GPPS, HIPS & ABS are following almost stable pattern.The burning issue of industry was uncertainty of implementation of 'Single Use Plastic- SUP' ban from 2nd Oct.2019.Ongoing general economy recession has impacted the end product demand in turn lead processors to procure raw materials more cautiously with minimum inventories levels.However 'SUP' ban isn't implemented by Indian Govt. Looking to current scenario & other commercial factors -buying is advisable for routine consumption only.. |
| ▶ PS & ABS Weekly Report & Future Trend : Week 2nd October 2019. |
|
🔹 Crude Oil Scenario: On Friday, Brent Crude closed higher by 1.14% at $ 58.37/bbl while WTI closed higher by 0.69% at 52.81/bbl. Brent futures fell 5.7% for the week, its biggest weekly drop since July. WTI lost 5.5% for the week, also its steepest fall since July. Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, said Thursday the world’s top crude oil exporter had fully restored oil output after attacks on its facilities last month knocked out more than 5% of global oil supply.
🔷 China Bazaar Scenario: China bazaar will remain close from 1st - 7th October 2019 due to National Holidays. 🔷Purchase Opinion : Domestic demand is poor with need base buying approach from converters.Crude oil prices settled down after time being increment and most Saudi Petrochemical plants announced a return to routine production rates by September end.Supplies were still affected as most of Saudi based polymer producers declared shipments delay for October 2019. Latest offers for CIF Nhava seva of GPPS & HIPS assessed stable at $1180 - 1190/mt & $$ 1260-1270/mt while ABS offers assessed lower by $15/mt at $1455-1465/mt respectively for October 19 shipments. Looking to current scenario & other price governing factors - Needbase buying is suggested. |
| PS & ABS Weekly Report & Future Trend : Week 1st October 2019. |
|
🔹 Crude Oil Scenario:In this week Brent fell 3.7%, posts biggest weekly loss since early August, while WTI lost 3.6%, its steepest loss since mid-July. Oil prices fell on Friday and posted a weekly loss on a faster-than-expected recovery in Saudi output, while investors also worried about global crude demand amid slowing Chinese economic growth. 🔷 China Bazaar Scenario: 🔷 Styrene Monomer Spot Bazaar offers( RMB/MT) ✅Monday Opening ( 23/9/19 ) : 8783 ✅Friday Closing ( 27/9/19 ) :8716 ✅Week On Week Difference : Down 0.76% 🔷Purchase Opinion : ARAMCO -Saudi Arabia has restored its oil production capacity to 11.3 million BPD. Sources further briefed on Aramco’s operations - maintaining a faster than expected recovery after the drone attack on 14 September 2019 on its oil facilities. In reference with current global scenario , upcoming festive season & other price governing factors -polymer buying is suggested. |
| PS & ABS Weekly Report & Future Trend : Week 4th September 2019. |
|
🔹 Crude Oil Scenario: On Friday,Brent Crude oil closed lower by 0.19% at $ 64.28/bbl while WTI closed lower by 0.07% at $ 58.09/bbl. Crude registered a sharp gain for the week, their largest in months, after attacks on Saudi Arabian production facilities last weekend raised concerns over the amount of spare capacity in the oil market. In the United States, meanwhile, flooding from Tropical Storm Imelda forced a major refinery to cut production, while a key oil pipeline, terminals and a ship channel in Texas were shut, according to sources familiar with operations. 🔷 China Bazaar Scenario: 🔷 Styrene Monomer Spot Bazaar offers( RMB/MT) ✅Monday Opening ( 16/9/19 ) : 9066 ✅Friday Closing ( 20/9/19 ) :8800 ✅Week On Week Difference : Down 2.94% 🔷 Indian Bazaar scenario: PS & ABS Looking to current changing scenario ,Geological unrest ,Upcoming festive season & other price governing factors -Polymer Buying is suggested . |
| PS & ABS Weekly Report & Future Trend : Week 3rd September 2019. |
|
🔹 Crude Oil Scenario: On Friday, Brent Crude oil closed lower by 0.26% at $ 60.22/bbl, while WTI closed lower by 0.44% at $ 54.85/bbl. OPEC and its partners will not deepen their oil production cut yet but will discuss the topic again in December. EIA forecast average demand growth this year would be 1.1 million bpd, unchanged from its earlier monthly estimate, and in 2020, it would accelerate to 1.3 million bpd.U.S. shale, production growth is imminent in Norway and Brazil as well. 🔷 China Bazaar Scenario: The global bazaar scenario is badly effected with an influence of the ongoing trade war between the US and China.The recent enforcement of tariffs imposed by both countries has resulted in falling commodity prices 🔷 Styrene Monomer Spot Bazaar offers( RMB/MT) ✅Monday Opening ( 9/9/19 ) : 9350 ✅Friday Closing ( 13/9/19 ) :8983 ✅Week On Week Difference : Down 3.92% 🔷 Indian Bazaar scenario: PS & ABS This week -Indian Producer has raised their offers for GPPS & HIPS by Rs,2/kg & still further hike is also expected in days ahead.Indian Rupee has depreciated marginally against USD ,resulting import's landing cost higher.In addition to latest international offers,increased custom exchange rate has allowed domestic producers to announce price rise. Looking to current scenario , upcoming festive season & other price governing factors -Polymer buying is advisable. |
| PS & ABS Weekly Report : 4th Week August 2019. |
|
🔹 Crude Oil Scenario: On Friday, Brent Crude Oil closed lower by 0.97% at $ 59.34/bbl, while WTI closed lower by 2.13% at 54.17/bbl. Yesterday China proposed clamping a 5% tariff on $75 billion in U.S. goods including oil for the first time in response to President Donald Trump's plan to impose 10% tariffs on Chinese-made consumer goods on Sept. 1 and Dec. 15. 🔷 China Bazaar Scenario: On Friday, Chinese Government proposed clamping a 5% tariff on $75 billion in U.S. goods including oil for the first time in response to President Donald Trump's plan to impose 10% tariffs on Chinese-made consumer goods on Sept. 1 and Dec. 15. The devaluation of the yuan is the main factor behind the dull demand. 🔷 Styrene Monomer Spot Bazaar offers( RMB/MT) ✅Monday Opening ( 19/8/19 ) : 8416 ✅Friday Closing ( 23/8/19 ) :8500 ✅Week On Week Difference : Up 0.99% |
| PS & ABS Weekly Report : 3rd Week August 2019. |
|
🔹 Crude Oil Scenario: On Friday, Brent Crude oil closed higher by 0.70% at $ 58.64/bbl, WTI closed higher by 0.73% at $ 54.87/bbl. Front-month WTI futures scored a 0.7% weekly rise, while Brent edged up by 0.2% from the week-ago finish. A Saudi official indicated this month that more steps may be coming, saying Saudi Arabia was committed to do “whatever it takes” to keep the market balanced next year. 🔷 China Bazaar Scenario:China has continued import of Crude oil from Iran in July'19. After a completion of extension of second month of U.S. sanctions waiver ended,China still continued import crude from Iran in July'19. Senior Trump administration officials estimate that 50-70% of Iran’s oil exports are flowing to China, while roughly 30% go to Syria. China is typically Iran’s largest oil customer and contests Washington’s sanctions.Last Week- Typhoon “Lekima” landed on the coast of Qingdao, Shandong on 11st August 2019.The typhoon brought strong winds & heavy rainfall, which caused serious damage to infrastructure, public buildings & grain fields. 🔷 Styrene Monomer Spot Bazaar offers( RMB/MT) ✅Monday Opening ( 12/8/19 ) : 8300 ✅Friday Closing ( 16/8/19 ) :8416 ✅Week On Week Difference : Up 1.41% 🔷 Indian Bazaar scenario: PS & ABS This week, Indian company reduced rate of ABS by Rs.1.5/kg,while PS prices are unchanged .International offers for CIF NS- for GPPS ( $ 1180-1190/mt) & HIPS ($ 1250-1260/mt)assessed stable while offers for ABS were noted downward by approx $ 25-30/mt at ( $1430-1440). The buying sentiments is lack luster & buyers are not willing to carry any extra inventory at current level. Looking to current scenario & upcoming festive season-polymer buying is advisable. |
| ▶ PS & ABS Weekly Report : 2nd Week August 2019. |
|
🔹 Crude Oil Scenario: On Friday,Brent crude closed higher by 2% at $ 58.53/bbl, while WTI closed higher 3.73% at $ 54.50/bbl. Both crude benchmarks plummeted by more than 7% last Thursday to their lowest level in about seven weeks after Trump’s announcement. China let the yuan tumble beyond the 7-per-dollar level for the first time in more than a decade. Iran will no longer tolerate “maritime offences” in the Strait of Hormuz, its foreign minister said on Monday. 🔷 China Bazaar Scenario:The US-China trade war continues to accelerate. America has put 25% tariffs on $250 billion worth of Chinese imports, and is slated to add an additional 10% tariff on the remaining $300 billion. China currently collects tariffs between 5% and 50% on about $113 billion of US imports. Some worry about the long-term negative effects the trade war could have on the global economy, but in the short term, the bi-lateral tariff fight has brought benefits to many other countries. 🔷 Styrene Monomer Spot Bazaar offers( RMB/MT) ✅Monday Opening ( 5/8/19 ) : 8500 ✅Friday Closing ( 9/8/19 ) :8300 ✅Week On Week Difference : Down 2.35% 🔷 Indian Bazaar scenario: PS & ABS Open Bazaar demand is improving with an anticipation of price rise in days ahead. Latest offers of GPPS , HIPS & ABS for CIF NS- is assessed mostly static with minor correction for Sept.2019 deliveries. Limited availability of Imported cargoes ,increased USD-INR exchange rate & upcoming festive season,has created a room for price escalation .At this point , we advised buyers to proceed for procurement. |
| ▶ PS & ABS Weekly Report : 1st Week August 2019. |
|
🔹 Crude Oil Scenario: On Friday, Brent crude closed higher by 2.30% at $ 61.89/bbl, while WTI closed higher by 3.17% at 55.66/bbl. A plunge that saw the U.S. benchmark suffer its biggest one-day fall in more than four years after President Donald Trump moved to impose additional import tariffs on Chinese goods will effecting from 1st September 2019.U.S.-China trade war developments have roiled markets for more than a year, and there have been signs the rafts of additional tariffs from both sides are having real effects on economies around the world. 🔷 China Bazaar Scenario: 🔷 Styrene Monomer Spot Bazaar offers( RMB/MT) ✅Monday Opening ( 29/7/19 ) : 8650 ✅Friday Closing ( 2/8/19 ) :8583 ✅Week On Week Difference : Down 0.77% 🔷 Indian Bazaar scenario: PS & ABS Wef 1st Aug.19, Indian Producers slashed GPPS & HIPS price by Rs.1.5/kg .The International offers for PS & ABS are witnessing downward at global bazaar. Latest offers for Aug.19, deliveries for CIF NS,Mumbai- GPPS & HIPS is being offered in range of USD 1210-1220/MT & USD 1270-1280/MT respectively.While offers for ABS are in range of USD 1480-1490/MT. Processors are waiting for more attractive offer & keeping their inventories at low levels. At current levels we advise to adopt wait & Watch approach before stepping in to extra buying. |
| ▶ PS & ABS Weekly Report : Last Week July 2019. |
|
🔹 Crude Oil Scenario: On Friday, Brent Crude oil closed higher by 0.11% at $ 63.46/bbl (fell 6% last week) while WTI closed higher by 0.32% at $ 56.20/bbl( fell 7.5% last week). Tensions remained high around the Strait of Hormuz, the world's single most important oil passageway, as Iran refused to release a British-flagged tanker it seized last week in the Gulf.The slowdown in global manufacturing and trade, and the associated hit to oil consumption. 🔷 China Bazaar Scenario: 🔷 Styrene Monomer Spot Bazaar offers( RMB/MT) ✅Monday Opening ( 22/7/19 ) : 8650 ✅Friday Closing ( 26/7/19 ) :8650 ✅Week On Week Difference : Stable 🔷 Indian Bazaar scenario: PS & ABS Bazaar buying sentiments are mute in anticipation of further price decrements on 1st August 2019. Processors are willing to keep their inventories at most low level & exercising 'Need base' procurement. At this stage, we will advise buyers to monitor all price governing factors closely & react with next action before stepping in to extra buying.For now , need base buying is advisable. 👉 Click Here to Download PDF Report with historical data: https://tinyurl.com/PSABSLASTWEEKJULY2019 |
| ▶ Weekly Report & Future Trend: PS & ABS : Week 4th July 2019. |
|
🔹 Crude Oil Scenario: On Friday, Brent Crude closed higher by 0.87% at $ 62.47/bbl, while WTI closed higher by 0.60% at $ 55.63/bbl.The International Energy Agency (IEA) does not expect oil prices to rise significantly because demand is slowing and there is a glut in global crude markets, the IEA's Fatih Birol said on Friday in public comments. In the latest sign of increasing tensions in the Middle East, a senior Trump administration official said on Friday the United States will destroy any Iranian drones that fly too close to its ships. 🔷 China Bazaar Scenario: Trump: U.S. had 'very good talk' with China; in-person talks may follow. This week , U.S. President Donald Trump said on that U.S. Treasury Secretary Steve Mnuchin had a very good talk with his Chinese counterpart, amid signals from China that officials could soon meet face-to-face in their bid to end a yearlong trade war.Officials from the world’s two largest economies spoke by phone on Thursday & Treasury Secretary Steven Mnuchin said in-person talks could follow. “Secretary Mnuchin did have a call with the Chinese counterpart. They had a very good talk,” Trump told reporters at the White House, suggesting that China’s worst economic output data in nearly three decades could propel trade talks forward. 🔷 Styrene Monomer Spot Bazaar offers( RMB/MT) ✅Monday Opening ( 15/7/19 ) : 8966 ✅Friday Closing ( 19/7/19 ) :8666 ✅Week On Week Difference : Down 3.35% 🔷 Indian Bazaar scenario: PS & ABS International offers for ABS & PS are assessed stable with firm tone. This week ,Indian company reduced price of ABS . GPPS & HIPS : Convertors are following Need base buying with an intention to keep inventory levels at low. Looking to current scenario ,Buying is suggested . |
| ▶Weekly Report & Future Trend: PS & ABS - Week 3rd July 2019. |
|
🔹 Crude Oil Scenario: On Friday, Brent crude closed higher by 0.30% at $ 66.72/bbl , while WTI Closed higher by 0.02% at $ 60.21/bbl. Oil prices held at a seven-week high on Thursday as storm worries in the Gulf of Mexico and heightened tensions in the Middle East. OPEC forecast global oil demand to rise by 1.14 million barrels per day (bpd) next year, matching the projection for 2019. U.S. oil producers on Wednesday cut nearly a third of Gulf of Mexico crude output ahead of what could be one of the first major storms of the Atlantic hurricane season. 🔷 China Bazaar Scenario: Local demand is supportive in PS & ABS. The USA Producers are under pressure of finding an alternative location to retain their exports share in lieu of China. Pl. note last week ,USA pause trade war with talks 'back on track' During G 20 meeting.. 🔷 Styrene Monomer Spot Bazaar offers( RMB/MT) ✅Monday Opening ( 8/7/19 ) : 9016 ✅Friday Closing ( 12/7/19 ) :8966 ✅Week On Week Difference : Down 0.55% 🔷 Indian Bazaar scenario: PS & ABS Higher styrene monomer cost & international offers for CIF NS ,has allowed local producers to offer price rise.The buying pulse is improving & sentiments are shifting to cover inventories .Considering all equations buying in GPPS , HIPS & ABS is advisable at current level.oom for price increments.Considering price governing factors ,Buying is advisable. 👉 Click Here to Download PDF Report with historical data: https://tinyurl.com/PSABSWEEK3RDJULY2019 |
| ▶ Weekly Report & Future Trend: PS & ABS : Week 2nd July 2019. |
|
🔹 Crude Oil Scenario: On Friday, Brent Crude oil closed higher by 1.47% at $ 64.23/bbl while WTI closed higher by 0.30% at $ 57.51/bbl. U.S. inventories fell less than expected as U.S. refineries last week consumed less crude than the week before and processed 2% less oil than a year ago. Output will stay limited as the OPEC+, agreed on Tuesday to extend oil production cuts until March 2020. 🔷 China Bazaar Scenario: The USA pause trade war with talks 'back on track' During G 20 meeting , U.S. President Donald Trump & Chinese President Xi Jinping agreed to proceed with negotiations after a series of escalations to their nations’ trade war threatened to disrupt the world economy. Both leaders agreed to hold off on new tariffs. Buying pulse is improved with an announcement came after much awaited G 20 meet.USA won't lift existing import tariffs, but will refrain from slapping new levies on Chinese goods. Crude started gearing up on account of improved tensions between US & Iran .Equations are made that if dispute escalates further -supplies of Crude, Downstream & Polymers will be largely impacted .International offers of polymers at China has witnessed upward trend & same is revealing at DCE for spot & future deals. 🔷 Styrene Monomer Spot Bazaar offers( RMB/MT) ✅Monday Opening ( 1/7/19 ) : 8818 ✅Friday Closing ( 5/7/19 ) :9016 ✅Week On Week Difference : Up 2.27% 🔷 Indian Bazaar scenario: PS & ABS Budget'19-BCD on imports of naphtha reduced by 1 % from 5 % to 4 %,while BCD on PS & ABS left unchanged. International offers for GPPS , HIPS & ABS for CIF NS-are assessed higher in range of $20-40/mt. Buying approach is completely changed & industry has started procurements in full fledge. PS : This week ,producers opt for rolled over ,however influenced with global offers we may witness price rise in days to come.Buying is suggested. ABS : This week , Ineos Styrolution rose ABS price by Rs.2.5/kg.Offers at Indian Ports are indicating further room for price increments.Considering price governing factors ,Buying is advisable. 👉 Click Here to Download PDF Report with historical data: https://tinyurl.com/PSABSWK2NDJULY19 |
| ▶ Weekly Report & Future Trend: PS & ABS :Last Week June 2019. |
|
🔹 Crude Oil Scenario: Crude oil futures were down 0.61% at Rs 4,090 per barrel on June 28 after US Special Representative for Iran Brian Hook said that the US will slap sanctions on countries that import oil from Iran.West Texas Intermediate crude fall 0.32 % to $59.11 per barrel, while Brent crude, the international benchmark, was up 0.14 per cent to $66.64 per barrel. 🔷 China Bazaar Scenario: 🔷 Styrene Monomer Spot Bazaar offers( RMB/MT) ✅Monday Opening ( 24/6/19 ) : 8800 ✅Friday Closing ( 28/6/19 ) :8966 ✅Week On Week Difference : Up 1.86% 🔷 Indian Bazaar scenario: PS & ABS For July end-Early August shipments -International offers for CIF Nhava Sheva assessed with an increment. For Overseas Polymer producers & Specially from US & China , India is one of the bigger bazaar to be considered to retain their export share. In order to safe guard domestic producers against expected dumping of polymers on account of ongoing trade war between USA & China. In order to counter huge imports & safe guard domestic producers , Indian govt. is under process of evaluating import duty structure. There are chances that Govt. may offer rise in custom duty to be levied on Polymers in next budget to be announced in the month of July 2019.Looking to current scenario ,it seems that Indian producers may offer price rise in days ahead.At this levels polymer buying is advisable. 👉 Click Here to Download PDF Report with historical data: |
| ▶ Weekly Report & Future Trend: PS & ABS: Week 4th June 2019. |
|
🔹 Crude Oil Scenario: On Friday Oil prices hit a three-week high on, Brent crude oil closed higher by 1.16% at $ 65.20/bbl while WTI closed higher by 0.63% at 57.43/bbl. WTI oil was on track for a weekly gains of nearly 10%, while Brent was up 5.3% from a week ago.Donald Trump had authorized military strikes against Iran in response to the strike against a U.S. surveillance drone late Thursday. OPEC members have postponed their scheduled review of the existing agreement on output restraint by a week to July 1. 🔷 China Bazaar Scenario: Bazaar remained under pressure in line with ongoing continuous price fall.Many plants are under shutdown or planned maintenance without leaving any impression of supply restrictions. Buying sentiments of industry are most uncertain with the prolonged trade war between US & China ,on account of trade tariffs still unresolved.Since high import duty structure of 25 % on US polymers are not viable hence Cargoes are being redirected to other bazaars -creating pressure on S.E Asian suppliers. Non stop reversal in prices are resulted in ' wait & watch' approach from converters & they are willing to book minimum inventory levels at this point. 🔷 Styrene Monomer Spot Bazaar offers( RMB/MT) ✅Monday Opening ( 17/6/19 ) : 8883 ✅Friday Closing ( 21/6/19 ) :8966 ✅Week On Week Difference : Up 0.94% 🔷 Indian Bazaar scenario: PS & ABS Bazaar sentiments are bearish & prices are also reflecting this sentiment, buying interest is weak in the Chinese and S.E.Asian markets and suppliers are reducing prices to try and revive buying interest.Processors are concluding deals with need base requirements only ,with an idea to keep low levels of inventories . Buyers shall adopt ' Wait & Watch' until prices settles at certain stage. Stockiest & importers are requested to monitor price deciding factors closely as situation may take 'U turn' at any time . 👉 Click Here to Download PDF Report with historical data: https://tinyurl.com/PSABSWK4THJUNE19 |
| ▶ Weekly Report & Future Trend: PS & ABS: Week 3rd June 2019. |
|
🔹 Crude Oil Scenario: On Friday, Brent Crude oil prices closed higher at 1.14% at $ 62.01/bbl while WTI closed 0.44% at 52.51/bbl. Prices were rose after attacks on two oil tankers in the Gulf of Oman this week raised concerns about potential supply disruptions. U.S. sanctions on Iran and Venezuela, an output cut pact by OPEC plus its allies, fighting in Libya and attacks on tankers in the Gulf of Oman added only limited uncertainty to supply. 🔷 China Bazaar Scenario:PS & ABS prices assessed under pressure & witnessing continuous reduction. Resistance at offered price has forced sellers to add extra discounts / attractive rate to quantity buyers. Persistent poor demand has forced suppliers to keep pulling price down.An appreciation of USD against Chinese yuan has also left major impact on demand for import cargoes. On account of prolonged trade war between China & the USA- converters are following safe practice of procurement by keeping inventories at low level. At DCE : This week , At DCE Styrene monomer has recovered 4.26% ( from last Monday ) which may help to settle falling PS / ABS price. 🔷 Styrene Monomer Spot Bazaar offers( RMB/MT) ✅Monday Opening ( 10/6/19 ) : 8600 ✅Friday Closing ( 14/6/19 ) :8966 ✅Week On Week Difference : Up 4.26% 🔷 Indian Bazaar scenario: PS This week ,Consistent reduction in feedstock Prices & falling international offers of PS at CIF NS , has forced Indian Producers to slash GPPS & HIPS price. The buying sentiments are poor & converters are following “Need Base Buying “ approach. Considering current bazaar momentum - Buyers are requested to opt cautious step before purchase . 🔷 Indian Bazaar scenario:ABS : Looking to current price governing factors , buyer shall opt for ' Wait & watch ' policy before executing any major decision for procurements.You are reuested to closely monitor price governing factors. 👉 Click Here to Download PDF Report with historical data: https://tinyurl.com/PS-ABSWK3RDJUNE19 |
| ▶ Future Bazaar Trend: PS & ABS: Week 2nd June 2019. |
|
🔹 Crude Oil Scenario: On Friday, Brent crude oil closed higher by 2.65% at $ 63.29/bbl whilr WTI closed higher by 2.66% at $ 53.99/bbl. The Energy Information Administration on Wednesday reported that U.S. crude supplies rose by 6.8 million barrels for the week ended May 31. Saudi Energy Minister Khalid al-Falih has called recent volatility “unwarranted” and has said he expects OPEC to help to stabilize prices beyond the end of the global output pact at the start of July. 🔷 In a major move , USA hits Iran with fresh sanctions in order to target petrochemicals sector 🔷 China Bazaar Scenario: 🔷 Styrene Monomer Spot Bazaar offers( RMB/MT) ✅Monday Opening ( 3/6/19 ) : 8683 ✅Friday Closing ( 7/6/19 ) :8600 ✅Week On Week Difference : Down 0.96% 🔷 Indian Bazaar scenario: PS This week ,Consistent reduction in feedstock Prices & falling international offers of PS at CIF NS , has forced Indian Producers to slash GPPS & HIPS price. The buying sentiments are poor & converters are following “Need Base Buying “ approach. Considering current bazaar momentum - Buyers are requested to opt cautious step before purchase . 🔷 Indian Bazaar scenario:ABS : Converters are not ready to carry extra inventories & waiting for more attractive offers in days ahead. Calculating all price governing factors , Wait & watch is suggested . 👉 Click Here to Download PDF Report with historical data: |
| ▶ Future Bazaar Trend: PS & ABS: Last Week May 2019. |
|
🔹 Crude Oil Scenario: On Friday Brent Crude oil closed higher by 1.37% at $ 68.69/bbl, while WTI closed higher by 1.24% at $ 58.69/bbl. Oil coursed downward with other global markets as concerns grew that the China-U.S. trade conflict was fast turning into a technology cold war between the world’s two largest economies. Iran is exporting considerably less oil as a result of the U.S. sanctions, oil shipments from Russia are still being disrupted because of quality problems, and OPEC is keeping supply tight. 🔷 China Bazaar Scenario: Demand sentiments are firm driven by seasonal procurement which has picked up & supply issues with major producers in China and S.E.Asia on account of ongoing maintenance turnarounds/shutdowns. In major News : An explosion and fire erupted in containers on board of a ship in Thailand's Laem Chabang sea port on 25th May 2019, injuring at least 25 till now. All deliveries & shipments from Thailand LCB port will be rescheduled / delayed upon clearance of accident occoured. 🔷 Styrene Monomer Spot Bazaar offers( RMB/MT) ✅Monday Opening ( 20/5/19 ) : 8283 ✅Friday Closing ( 24/5/19 ) :8533 ✅Week On Week Difference : Up 3.02% 🔷 Indian Bazaar scenario: PS Domestic Demand is very slow after recent rate reduction by local Producer . GPPS & HIPS buyers has adopted "Wait & Watch approach with need base procurement.In anticipation of additional disc. or attractive offers -convertors are not willing to book additional procurements.Need base buying is advisable. 🔷 Indian Bazaar scenario:ABS : Following same scenario of downfall witnessing continuous price cut. Subscribers are advised to keep inventory level at bottom - cautious buying is suggested. 👉 Click Here to Download PDF Report with historical data: tinyurl.com/PSABSLASTWKMAY2019 |
| ▶ Future Bazaar Trend: PS, Week 4th May 2019. |
|
🔹 Crude Oil Scenario: On Friday, Brent Crude oil closed lower by 0.56% at $ 72.21/bbl while WTI closed lower by 0.17% at $ 62.76/bbl due to demand fears amid a standoff in Sino-U.S. trade talks, but both benchmarks ended the week higher on rising concerns over supply disruptions in Middle East shipments due to U.S.-Iran political tensions.U.S. energy firms this week reduced the number of oil rigs operating for the second week in a row. China Bazaar Scenario: Week on Week basis:RMB./Mt. 🔷 Styrene Spot Bazaar offers( RMB/MT) ✅Monday Opening ( 13/5/19): 8533 ✅Friday Closing ( 17/5/19):8266 ✅Week On Week Difference : Down 3.12% Indian Bazaar scenario: Indian buyers has adopted " Wait & watch " policy, with an anticipation of lucrative offers in days ahead. Styrene monomer observed under major downfall ,which may lead PS producers to correct their prices .Keeping all factors in equation , It seems that Indian producers may reduce GPPS & HIPS price in range of Rs.2-3/kg.Looking to current scenario , Need base buying is advisable. Click Here to Download PDF Report with historical Data : https://tinyurl.com/PSWK4THMAY2019 |