Acetic Acid Weekly Report 11 September 2020
Weekly Price Trend: 07-09-2020 to 11-09-2020
- The above given graph focuses on the Acetic Acid price trend from 7th Sept to 11th Sept 2020. If we take a quick look at the above given weekly prices, it can be observed that prices remained flat throughout this week.
- By end of the week prices were assessed at the level of Rs.27-27.25Kg, for both the ports.
Booking Scenario
INDIA& INTERNATIONAL
- Domestic prices of Acetic acid were assessed around Rs.27.5/Kg for Kandla and Rs.27.25/Kg for Mumbai ports of India.
- CIF India prices for Acetic Acid were assessed around USD 390-410/MT for this week, there has been no change in international prices for this week.
- Domestic market has been operating at moderate rate this week. Although the global pandemic continues to affect the market consumers and manufacturers.
- Many manufacturers using Acetic Acid are yet to start their unit in north India as units are not able to get enough fund along demand is also very dampened. Less availability of labour has also affected the manufacturing units
- The havoc of Coronavirus seems to be unending in India. The cases have been highest in the world and it has been affecting the Indian economy very badly. This in turn has affected the demand in petrochemical industry. The GDP of the country has been lowest in last 24 years.
- With upliftment of restriction the number of cases has increased by many folds.
- Demand sentiments has become very weak for Acetic Acid with slowdown in buying from end user prompting for reduction in prices.
- The Indian economy has battered due to lockdowns and disruption in supply and further shattered consumer demands. Government is concerned and working hard for the sustainable growth in fourth quarter.
- On Thursday closing, there was significant decline in crude prices. WTI on NYME closed at $37.30/bbl. Prices reduced by $0.75/bbl in compared to last closing prices. While Brent on Inter Continental Exchange has reduced by $0.73/bbl in compare to last closing price and was assessed around $40.06/bbl.
1$: Rs. 73.53
Import Custom Ex. Rate USD/ INR: 74.10
Export Custom Ex. Rate USD/ INR: 72.40
