Acetic Acid Weekly Report 12 April 2019

Weekly Price Trend: 08-04-2019 to 12-04-2019

• The above given graph focuses on the Acetic Acid price trend from 8^th April to 12^th April 2019. If we take a quick look at the above given weekly prices, it can be observed that prices remained stable in domestic market.
• Prices remained firm and stable throughout this week. By end of this week, prices were assessed at the level of Rs.35/Kg for Kandla and for Mumbai port for bulk quantity.

Booking Scenario

INDIA& INTERNATIONAL 

• Domestic prices of Acetic acid were assessed around Rs.35/Kg for Kandla and for Mumbai port of India. There has been no change in domestic values and prices remained unchanged for this week.
• CIF India prices for Acetic Acid were assessed around USD 400-420 increased by USD with no change in compare to last week’s closing values.
• Prices for Methanol have remained stable with no change since last few weeks has also affected the Acetic Acid values in domestic as well as international market. CFR India Methanol prices were assessed at the level of USD 290/MT.
• Indian currency has also strengthened against dollar in last few weeks. This has been one of the strongest performances of rupee against dollar since last few years
• US President is trying hard to completely cut off imports from Iran. Soon it will take the decision of complete shutting of waiver provided to other five nations. This complete hold off will choke the supply of crude in international market and will push up the prices.
• Since the cost of U.S. crude oil has jumped 12%, international Brent crude is trading above $70 a barrel, and the national average gasoline price is up 30 cents a gallon.
• The primary reason for the run-up is simple: The market is tightening. That means a global oversupply of crude is draining, bringing supply and demand into balance and putting the market at risk of flipping into shortage.
• Venezuelan crude production has dropped below 1 million barrels per day (bpd) due to U.S. sanctions, the International Energy Agency said on Thursday, even below the 960,000 bpd OPEC reported on Wednesday.

1$: Rs. 69.27

Import Custom Ex. Rate USD/ INR: 69.45

Export Custom Ex. Rate USD/ INR: 67.75