Acetic Acid Weekly Report 08 Sep 2018

Weekly Price Trend: 03-09-2018 to 07-09-2018

• The above given graph focuses on the Acetic Acid price trend from 3rd Sept 2018 to 7th Sept 2018. If we take a quick look at the above given weekly prices, it can be observed that prices reduced for this week.
• Domestic prices reduced for this week after a strong hike in last few weeks.
• By end of this week, prices were assessed at the level of Rs.55/Kg for Kandla and Rs.55/Kg for Mumbai port for bulk quantity.

Booking Scenario

INDIA& INTERNATIONAL

• Domestic prices of Acetic acid assessed around Rs.55/Kg for Kandla and Mumbai port of India. Prices have now reduced and are in process of settling down across the nation.
• In last few weeks there has been an unprecedented increase in values due to acute shortage of the material across the country. Now with arrival of fresh stocks prices has now lowered and may reduced further in next few weeks.
• CFR India price were assessed around USD 620-640/MT, with no change in compare to last week’s closing values.
• Prices correction was seen in Indian market on back of gain in supply.
• There has been continuous soaring in crude prices in this week. The US inventories have fell to their lowest levels since February 2015.  US West Texas Intermediate (WTI) crude futures were at $67.90 per barrel at 0056 GMT, up 13 cents, or 0.2 per cent, from their last settlement.  International Brent crude futures climbed 12 cents, or 0.2 per cent, to $76.62 a barrel. With release of Oil inventory data last night, a large number has been drawn from crude inventories.
• Global oil markets have tightened over the last month, pushing up Brent prices by more than 10 per cent since the middle of August. Investors anticipate less supply from Iran as US sanctions on Tehran begin to bite.
• With ship-tracking data now pointing at a reduction in Iranian exports, renewed strife in Libya, and Venezuelan export availability hobbled by an accident at the key Jose terminal, the list of bullish headlines is getting longer,” said Michael Dei-Michei, head of research at Vienna consultancy JBC Energy.
• US is quite actively tracking the flow of crude and has managed to use its sanctions very actively against Iran. They are forcing many western companies to cease export from Iran and avoid trading with them.
• Contrary to this India and China are making efforts to continue their imports from using one or other way. Global oil markets have tightened over the last month, pushing up Brent prices by more than 10 per cent since the middle of August. Investors anticipate less supply from Iran as US sanctions on Tehran begin to bite.

1$ : Rs. 71.73
Import Custom Ex. Rate USD/ INR: 71.10
Export Custom Ex. Rate USD/ INR: 69.40