Acetic Acid Weekly Report 06 Oct 2018

Weekly Price Trend: 01-10-2018 to 05-10-2018

• The above given graph focuses on the Acetic Acid price trend from 1st Oct 2018 to 5th Oct 2018. If we take a quick look at the above given weekly prices, it can be observed that prices remained volatile for this week.
• Prices for Acetic Acid remained soft for this week. With continuous variability in crude values prices and depreciating currency has affected domestic market significantly. In compare to last week there has been increase an domestic prices by Rs.3/Kg.
• By end of this week, prices were assessed at the level of Rs.58/Kg for Kandla and for Mumbai port for bulk quantity.

Booking Scenario

INDIA& INTERNATIONAL

• Domestic prices of Acetic acid assessed around Rs.58/Kg for Kandla and for Mumbai port of India. Prices have remained vulnerable throughout this week.
• This week initially prices remained firm week in domestic market as the week proceeded further there was an upright increase in domestic values. The other major reason for this increase the hike in the values for Methanol in domestic market.
• Significant rise was seen in the international prices for Acetic acid as well. This improvement is unlikely sustain in next week as China market will remain close for next week.
• The soaring prices of Methanol in international market have affected the prices for Acetic acid. Moreover the upcoming sanctions by US along with the implications of winter season and plant turnarounds could fetch up the Acetic Acid values.
• China market remained closed for this week as the nation is celebrating Golden week festival.
• Declining Indian currency is creating new records against dollar and is also one of the main reasons for rise in petrochemical prices.
• There has been heavy fluctuation in crude prices in this week. As the month of November is approaching fast the heat of sanction felt in the crude values across the world.
• On Thursday crude prices plunged due to rise in the inventory levels in US. But this hike was again pulled back on Thursday. Saudi Arabia and Russia has stated they will increase the crude supply but could not fill the void created by disruption of supply from Iran.
• With short supply from the price for crude is likely to reach a mark of $90 to $100 per barrel. On Wednesday, Saudi Energy Minister Khalid al-Falih said the kingdom was pumping near record levels and would raise output in November. Saudi Arabia is one of the few countries with the ability to significantly raise output. Many experts believe that the spar capacity of specified by Saudi is merely a statement but does exist in reality.
• On Thursday, closing crude values have decreased. WTI on NYME closed at $74.33/bbl. Prices have decreased by $2.08/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $1.71/bbl in compare to last closing price and was assessed around $84.58/bbl.

1$ : Rs. 73.78
Import Custom Ex. Rate USD/ INR: 74.60
Export Custom Ex. Rate USD/ INR: 72.90