Acetic Acid Weekly Report 1 Feb 2019
Weekly Price Trend: 28-01-2019 to 01-02-2019
- The above given graph focuses on the Acetic Acid price trend from 28th Jan to 1st Feb 2019. If we take a quick look at the above given weekly prices, it can be observed that prices remained firm and has been increasing throughout this week.
- With continuous fluctuation in crude values prices there has been throughout rise in domestic values for this week.
- By end of this week, prices were assessed at the level of Rs.37/Kg for Kandla and for Mumbai port for bulk quantity.
Booking Scenario
INDIA& INTERNATIONAL
- Domestic prices of Acetic acid assessed around Rs.37/Kg for Kandla and for Mumbai port of India. This week domestic prices has improved and increased in a week.
- CIF India prices for Acetic Acid were assessed around USD 550-570/MT increased by USD 20/MTS in compare to last week’s closing values.
- Impact of heavy increase in the Methanol values has significantly affected the Acetic Acid prices in international market. Methanol values have improved by USD 5 and were assessed at the level of USD 290/MTS for this week.
- Methanol prices have been on constant hike in Indian market.
- The market has been waiting for budget 2019 which was appreciated and has been given thumbs up all the sectors.
- There has been rise in crude values with positive talks in international market. The prices rise has been in particular due to cut in the supply to the US from Saudi Arabia.
- The price rise came after a report from the U.S. Energy Information Administration (EIA) on Wednesday showed a drop in Saudi crude supply to the United States.
- Crude oil prices were stronger after signs emerged that OPEC cuts are impacting trade. EIA's weekly report showed that U.S. imports from Saudi Arabia fell by more than half from the previous week to 442,000 barrels per day (bpd).
- The trade talk between US and China in coming days with positive hopes and substantial rise in talks.
- Meanwhile US sanctions imposed on Venezuela firm with many stocks stuck at ports is likely to accelerate supply drop in oil.
- Much Venezuelan crude oil is rated as heavy and requires the light petroleum naphtha, much of it supplied from the United States, for dilution before export to refineries.
PLANT NEWS
Acetic Acid unit restarted by Yaraco
- Yangtze River Acetyl Corp has restarted its Acetic Acid unit. Earlier the unit was shutdown in the first week of January and has remained off-stream for around 5 weeks. The unit was restarted on 31st Jan 2019. The unit was shutdown for annual maintenance.
- Unit is based at Chongqing province of China and has the production capacity of 4,20,000 tonnes/year
1$: Rs. 71.25
Import Custom Ex. Rate USD/ INR: 72.10
Export Custom Ex. Rate USD/ INR: 70.40
