Imported Styrene Monomer in Kandla

In the international market, Styrene Monomer prices have risen, supported by a recovery in upstream crude oil prices, which had recently reached a three-year low. In the domestic market, importers also increased Styrene Monomer prices by ₹1/kg, bringing them to ₹97++ per kg ex-Kandla on 60-day credit terms.

Trader offers were quoted at ₹94++ per kg Ex-Kandla and Ex-Hazira for immediate lifting on an advance payment basis. In the first half of August, styrene prices were bullish, but from the first week of September 2024, domestic prices began correcting due to a sharp decline in upstream crude oil and feedstock benzene prices.

Importers have raised Styrene Monomer prices by ₹1/kg, bringing them to ₹97.50++ per kg on an ex-Kandla basis and ₹99.50++ per kg on an ex-Mumbai basis, with 60-day credit terms. Traders are offering higher prices, quoted at ₹100++ per kg ex-Kandla and ₹103++ per kg ex-Mumbai, also on 60-day credit terms. This price increase is attributed to limited inventories at the ports and a rebound in feedstock Benzene and Ethylene prices.

In the domestic market, VAM prices have witnessed a ₹2/kg increase, now quoted at ₹68/kg ex-Kandla for direct consumers on 60-day payment terms. Importers offer slightly higher rates to traders at ₹68.50/kg ex-Kandla under similar 60-day credit conditions.

The domestic prices for Phenol, Acetone, and IPA have seen a sharp increase following the announcement of a planned maintenance shutdown at Deepak Phenolics' plant, which is scheduled to take place from 10th to 25th October 2024. Currently, import offers for Phenol have risen to ₹105/kg (Ex-Kandla), marking a ₹2/kg increase on an advance payment basis. Acetone prices have also climbed by ₹2/kg, now priced at ₹83/kg (Ex-Mumbai) and ₹82.50/kg (Ex-Kandla) under similar payment terms.

In the domestic market, Methyl Amines prices have decreased by ₹1/kg, despite an uptick in feedstock methanol prices. Current offers for Mono Methyl Amine (MMA) 40% stand at ₹52++/kg, Di Methyl Amine (DMA) at ₹59++/kg, on advance payment terms. Several traders observed that domestic manufacturers like Balaji Amines and Alkyl Amines offered more competitive prices compared to imports, making them a preferred choice for buyers.

Today, GNFC, a domestic manufacturer, reduced Aniline prices by INR 4/kg to INR 145++ for tanker load, while barrel pack prices were at INR 158++ ex-Bharuch on advance payment terms. Importer and trader offers were lower, at INR 140++ ex-Mumbai and Kandla.

Methanol prices have increased by importers by ₹0.25/kg, reaching ₹28.50++ Ex Kandla and ₹28.75++ Ex Mumbai on 60-day payment terms. Trader offers were even higher, at ₹29.00++ Ex Mumbai and ₹28.75++ Ex Kandla, also on 60-day credit terms.

A sharp surge in the Asian benchmark, marked by CFR China methanol prices, has been attributed to the ongoing tensions between Iran and Israel, projecting higher methanol costs. Consequently, the market anticipates a rebound in the MDC market. Domestic manufacturers in the western region are currently offering higher prices, at ₹36++ ex-plant for bulk deals and ₹38++ ex-plant for spot deals to traders and small to medium consumers for October shipments.