Acetic Acid Weekly Report 05 May 2018

Weekly Price Trend: 30-04-2018 to 04-05-2018

• The above given graph focuses on the Acetic Acid price trend from 30th April 2018 to 4th May 2018. If we take a quick look at the above given weekly prices, it can be observed that prices has been increasing week over week.
• By end of this week, prices were assessed at the level of Rs.53.5/Kg for Kandla and Rs.54/Kg for Mumbai port for bulk quantity.

Booking Scenario

INDIA& INTERNATIONAL

• Domestic prices of Acetic acid assessed around Rs.53.5/Kg for Kandla and Rs.54/Kg for Mumbai port of India. There has been improvement in Acetic Acid values in domestic as well international market.
• CFR India price were assessed around USD 700-720/MT with no change in compare to last week’s closing values.
• With announcement of shut down of Methanol units in Iran, price for Methanol has also increased in Asian market. Acetic Acid is downstream product of Methanol.
• Fanavaran Petrochemical Company has shut down its Methanol unit for maintenance turnaround. The unit has been put off-stream as per annual maintenance schedule. The unit was shut down on 20th April 2018. The unit is likely to remain off-stream for around 25 days. Unit is based at Bandar Imam Khomeini in Iran and has the manufacturing capacity of 1,000,000 mt/year.
• This week crude oil prices have fluctuated. On Thursday, prices boosted by OPEC production cuts and the potential for new U.S. sanctions against Iran, but gains were limited by growing U.S. crude inventories.
• On Thursday, closing crude values have increased. WTI on NYME closed at $68.43/bbl; prices have increased by $0.50/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.26/bbl in compared to last trading and was assessed around $73.62/bbl.
• As per report, U.S. oil production also rose to a record of 10.62 million barrels per day (bpd), a jump of more than a quarter since mid-2016. Looming over markets is the May 12 deadline by when President Donald Trump is due to decide whether or not to continue waiving U.S. sanctions against Iran.

1$ : Rs. 66.86
Import Custom Ex. Rate USD/ INR: 67.50
Export Custom Ex. Rate USD/ INR: 65.80