Acetic Acid Weekly Report 14 June 2019

Weekly Price Trend: 10-06-2019 to 14-06-2019

• The above given graph focuses on the Acetic Acid price trend from 10^th June to 14^th June 2019. If we take a quick look at the above given weekly prices, it can be observed that prices remained weak with 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 have reduced by Rs.1/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 on back of weak demand and slow requirement.
• CIF India prices for Acetic Acid were assessed around USD 330-350 slightly increased by USD 20/MT in compare to last week’s closing values.
• Prices for Methanol have remained stable for this week. But since last six months there has been slowdown in international prices for Methanol. It has been floating below USD 300 mark and has not seen any major hike in last two months.
• Oil prices remained flat most of the week with no major change until Thursday. On Thursday there was significant hike as there were two oil tankers hit by explosions in the Gulf of Oman between Iran and the United Arab Emirates (UAE).
• By Thursday morning, WTI Crude was surging 3.17% at $52.76, while Brent Crude was soaring 3.42% at $62.02, as renewed tension in the Middle East has the market worried that oil supply along the world’s most important chokepoints in the region may be under threat.
• The suspected attacks occurred one month after the UAE said in May that a total four vessels were attacked off its coast at the port of Fujairah, the world’s second-largest bunkering port.
• On Thursday day, closing crude values have increased. WTI on NYME closed at $52.28/bbl. Prices have increased by 1.14/bbl in compared to last closing prices. While Brent on Inter Continental Exchange is increased by 1.34/bbl in compare to last closing price and was assessed around $61.31/bbl.

1$: Rs. 69.83

Import Custom Ex. Rate USD/ INR: 70.30

Export Custom Ex. Rate USD/ INR: 68.60