Acetic Acid Weekly Report 15 April 2017

Weekly Price Trend: 10-04-2017 to 14-04-2017

• The above given graph focuses on the Acetic Acid price trend from 10th April 2017 to14th April 2017. If we take a quick look at the above given weekly prices, it can be observed that this week price of Acetic Acid remained unchanged and stable this week on back of improved market demand.
• By end of this week, prices were assessed at the level of Rs.30/Kg for Kandla and for Mumbai port for bulk quantity.

Booking Scenario

INDIA& INTERNATIONAL

• Domestic prices of Acetic acid remained unchanged for this week. Prices were assessed at the level of Rs.30/Kg for Kandla and Mumbai port for bulk quantity.

• CIF India prices of Acetic acid were assessed around USD 380-405/MTS, with an decrease of USD 5/MTS in compare to last week’s closing values.
• Feedstock Methanol CFR India prices were assessed in the range of USD 230-240/MT.

• Severe volatility was observed in the crude prices for this week. Still the market sentiments by end of the week remained strong with prompting crude prices to close on higher note. Yesterday some stability was seen global oil market as demand and supply was on matching hand due to fall in the stockpiles in developed nations in the month of March.
• According to recent reports, the market has been oversupplied since last three years, prompting members of the OPEC and some non-OPEC producers to agree to cut output in the first six months of 2017 to rein in the glut. OPEC meets on May 25 to consider extending the cuts beyond June.
• On other side there has been continuous rise in oil production in U.S., both onshore and offshore, which will act as a headwind for the market.
• As per market analyst, refinery runs are picking up, and driving season is around the corner, so inventories will start going down soon. Amid so much uncertainty, the only thing that is certain is that crude oil production is growing, and there are no signs that this will change while the going is good and prices stay above $50 a barrel.
• On Thursday, closing crude values have increased.WTI on NYME closed at $53.18/bbl, prices have increased by $0.07/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.03/bbl in compared to last trading and was assessed around $55.89/bbl.

1$ : Rs. 64.41
Import Custom Ex. Rate USD/ INR: 65.90
Export Custom Ex. Rate USD/ INR: 64.20