Acetic Acid Weekly Report 13 September 2019

Weekly Price Trend: 09-09-2019 to 13-09-2019

• The above given graph focuses on the Acetic Acid price trend from 9^th Sept to 13^th Sept 2019. If we take a quick look at the above given weekly prices, it can be observed that prices remained vulnerable for this week.
• Prices remained vulnerable with decline in values in mid of the week. Later there was correction in values. Prices were assessed at the level of Rs.39/Kg for Kandla and for Mumbai port for bulk quantity.

Booking Scenario

INDIA& INTERNATIONAL 

• Domestic prices of Acetic acid were assessed around Rs.39/Kg for Kandla and for Mumbai port of India.
• CIF India prices for Acetic Acid were assessed around USD 440-460/MT, reduced by USD 20/MT for this week.
• Prices for Methanol have remained unchanged for this week. CFR India prices were assessed at the level of USD 208/MT, with no change in compare to last week’s closing values.
• Indian market is operating at slow note due to ongoing festive season across the nation.
• Benzene the major source for aromatic products has also improved for this week. FOB Korea values for Benzene were assessed around USD 700/MT, increased by USD 13/MT for this week, while CFR China prices also improved and were assessed at the level of USD 700/MT for this week.
• Crude oil futures were marginally lower during mid-morning trade in Asia Friday after an OPEC meeting held yesterday. It resulted into no supply cuts in crude production and bearish market reports on oil fundamentals.
• Ongoing trade tensions between the US and China, coupled with geopolitical risks in the http://www.globalchemicalprice.com/images/report/ReportAceticAcidDt.2.13.09.2019.jpgiddle East and OPEC production cuts, kept prices moving within a tight range Friday morning.
• According to reports India has been one of the major beneficiaries as its imports bill has reduced heavily with declining crude prices.
• Crude oil prices fell more than $10 per barrel in a year and being the largest component in India’s overall imports, the fall in prices and demand can substantially bring down the country’s import bill. Decline in global economic indicators, US-China trade war and Brexit uncertainty are believed to have contributed to oil price declines and volatility. In 2014, oil prices dramatically fell down to $50 per barrel from over $100 per barrel. 

1$: Rs. 70.91

Import Custom Ex. Rate USD/ INR: 72.80

Export Custom Ex. Rate USD/ INR: 71.10