Acetic Acid Weekly Report 10 May 2019
Weekly Price Trend: 06-05-2019 to 10-05-2019
- The above given graph focuses on the Acetic Acid price trend from 6th May to 10th May 2019. If we take a quick look at the above given weekly prices, it can be observed that prices remained weak with continuous decline in values.
- Prices remained soft-to-stable throughout this week. By end of this week, prices were assessed at the level of Rs.29.5/Kg for Kandla and for Mumbai port for bulk quantity. Prices has reduced by Rs.2/Kg for bulk quantity in compare to last week’s closing values.
Booking Scenario
INDIA& INTERNATIONAL
- Domestic prices of Acetic acid were assessed around Rs.29.5/Kg for Kandla and for Mumbai port of India. There has been decline in domestic values in compare to last week’s closing values.
- CIF India prices for Acetic Acid were assessed around USD 370-390 reduced by USD 20/MTS in compare to last week’s closing values.
- Prices for Methanol increased slightly for this week and were assessed around USD 310/MT for this week. With turbulence in crude values it has become difficult to anticipate Methanol values.
- Crude oil prices are heading on higher note since last few weeks following first day of US-China trade talks. Sentiment got an uptick following a report that Trump, Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer were talking about progress in negotiations. The fate of the commodity, and whether or not gains may last likely depends on the outcome of the negotiations.
- The end of the U.S. sanction waivers for all Iranian all buyers means that Iran’s oil exports will drop as of this month, but no one is really sure by how much. Various analysts expect that Iran will continue to ship oil somewhere between 200,000 bpd and 600,000 bpd, but not all that oil would be oil sales as it could be debt repayment, and some of it is expected to go ‘under the radar’.
- All these uncertainties in oil supply are making OPEC’s decision making more difficult as the cartel and allies are getting ready to hold a panel of technical committees later this month in Jeddah, Saudi Arabia, to discuss the state of the oil market and the supply and demand balance.
1$: Rs. 69.91
Import Custom Ex. Rate USD/ INR: 70.45
Export Custom Ex. Rate USD/ INR: 68.80
