Acetic Acid Weekly Report 05 Aug 2017
Weekly Price Trend: 31-07-2017 to 04-08-2017
- The above given graph focuses on the Acetic Acid price trend from 31st 2017 to 4th Aug 2017. If we take a quick look at the above given weekly prices, it can be observed that this week prices followed a ‘U’ trend. Compare to last week there has been significant lowering in domestic values.
- By end of this week, prices were assessed at the level of Rs.33.25/Kg for Kandla and for Mumbai port for bulk quantity.
Booking Scenario
INDIA& INTERNATIONAL
- Domestic prices of Acetic acid reduced for this week. There has been bulk supply of the chemicals in the market. Prices were assessed at the level of Rs.33.25/Kg for Kandla and Mumbai port for bulk quantity.
- CIF India prices of Acetic acid were assessed around USD 390-410/MTS, with a rise of USD 20/MTS in compare to last week’s closing values. The overall market trend remained volatile throughout this week with majority of chemicals witnessing slowdown in international values.
- The leading manufacturer of Acetic Acid in India, GNFC has revised its basic price of Acetic Acid with effect from August 1, 2017. The company has reduced its value by Rs.5.070 mt/ton. The new prices announced are Rs.34.5/Kg respectively. The unit is based at Bhahruch in Gujarat.
- This week prices followed mixed trend. On Thursday oil prices plunged as watchful buying dried up after U.S. crude rose to nearly $50 a barrel. On Thursday, WTI on NYME closed at $49.03/bbl, prices have decreased by $0.56/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $0.35/bbl in compared to last trading and was assessed around $52.01/bbl.
- Investors are looking forward for OPEC meeting which is to be held next week for fresh insight into the oil cartel's commitment to improve compliance with the deal to curb production.
- However, market participants downplayed the importance of the meeting to be held next week, suggesting oil prices may struggle to sustain the current rising trend.
- According to reports, there will be reluctance in production cuts or a sustained uptick in demand, prices are likely to remain in the low to mid $50s for the remainder of the year. There are signs that the oil industry has adapted to an era of low prices and can produce and operate at levels that would previously have been uneconomic.
1$ : Rs. 63.58
Import Custom Ex. Rate USD/ INR: 64.55
Export Custom Ex. Rate USD/ INR: 62.85
