Iran Petrochemical Products Market Report; First Week of June 2024
Lowest Transaction Percentage of the Year / Next Week's Base Price Outlook
According to WikiPlast, the National Petrochemical Company of Iran determines and publishes the base prices of petrochemical products every week. These prices are valid for one week and serve as the basis for trading petrochemical products on the Commodity Exchange.
While the dollar has relatively stabilized at 580,000 rials, oil prices in global markets experienced a sharp decline, retreating from $82 to $77. Naphtha fell a total of $40, and with this downward trend, it is likely that decreasing prices will soon become apparent in global petrochemical markets as well.
This week, due to holidays on Monday and Tuesday (holidays commemorating the anniversary of Imam Khomeini's passing), base prices were not announced. The base prices for the upcoming week (June 9) will reflect the changes in global markets over the past two weeks. Additionally, the exchange dollar rate, which is used to calculate base prices, increased by 3,730 rials compared to May 26. In other words, next week's base prices will be influenced by opposing trends: the downward pressure from global prices and the upward pressure from the exchange rate. It remains to be seen which factor will have a greater impact.
Stagnation in Commodity Exchange Transactions
The trading report for polymer products for the third week of Khordad ended with an increase of 3,031 tons in supply and 63 tons in transactions compared to the second week of Khordad. The free market dollar retreated to 580,000 rials this week, dropping 150 rials compared to the last rate of the previous week as of the time of this report.
Wikiplast