Acetic Acid Weekly Report 13 May 2017
Weekly Price Trend: 08-05-2017 to 12-05-2017
- The above given graph focuses on the Acetic Acid price trend from 8th May 2017 to 12th May 2017. If we take a quick look at the above given weekly prices, it can be observed that this week price of Acetic Acid reduced significantly for this week.
- By end of this week, prices were assessed at the level of Rs.31/Kg for Kandla and Rs.30.5/Kg Rs 30.5/Kg for Mumbai port for bulk quantity.
Booking Scenario
INDIA& INTERNATIONAL
- Domestic prices of Acetic acid reduced heavily for this week. Prices were assessed at the level of Rs.31/Kg for Kandla and Rs.30.5/Kg for Mumbai port for bulk quantity.
- There has been continuous decline in Methanol values in domestic market which in turn has affected the Acetic Acid prices.
- CIF India prices of Acetic acid were assessed around USD 385-405/MTS, with no change in compare to last week’s closing values.
- Feedstock Methanol CFR India prices were assessed in the range of USD 230-240/MT.
- This week oil prices pushed up with minute plunge. Last week U.S. crude stockpiles posted their biggest drawdown since December as imports dropped sharply, while inventories of refined products also fell, helping boost oil prices that have been weighed down by concerns about oversupply.
- On Wednesday oil prices began looking higher after a string of positive data on oil stocks in the US helped to improve the market mood.
- As per reports, drop in the prices was seen which was beyond expectation and fuel stocks received the initial bullish attention. Adding to the positive tone was the reduction in imports.
- According to report a large part of the excess supply extended which in turn led to the shortage in the storage facilities.
- However, continued rebalancing in the oil market by year-end will require the collective efforts of all oil producers to increase market stability, not only for the benefit of the individual countries, but also for the general prosperity of the world economy, As per report.
- OPEC is due to meet later this month in the hope of striking a second deal to secure a year of production cuts. The twelve member states will be joined by Russia, but US production remains a concern.
- On Thursday, closing crude values have increased.WTI on NYME closed at $47.83/bbl, prices have increased by $0.50/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.55/bbl in compared to last trading and was assessed around $50.77/bbl.
1$ : Rs. 64.30
Import Custom Ex. Rate USD/ INR: 65.10
Export Custom Ex. Rate USD/ INR: 63.40
