#rallypeak

Phenol prices declined this week after reaching elevated levels earlier in the month, indicating a shift in short-term market direction. Indian Phenol prices fell by Rs 12.50/kg to Rs 157.50/kg, reflecting cautious sentiment among buyers following recent highs.

The correction extends over the past fortnight, with prices down Rs 37.50/kg from peak levels. Earlier this month, the market touched Rs 195.00/kg before reversing. Despite the decline, the broader trend remains firm, with prices still higher than Rs 123.00/kg recorded a month ago, marking a gain of Rs 34.50/kg. Over a three-month period, the product has surged from Rs 82.25/kg, highlighting strong recovery and upward momentum prior to the current correction. Indian Phenol prices are now stabilizing near Rs 157.50/kg, with support seen around Rs 155.00/kg and resistance approaching Rs 170.00/kg. Phenol prices in India suggest a consolidation phase as market participants adjust to recent fluctuations, Phenol, Price Ease, Rally Peak, Market Correction, Petrochemicals, Downtrend.

Read the full verified update on IndianPetrochem.com.