Acetic Acid Weekly Report 16 August 2019
Weekly Price Trend: 12-08-2019 to 16-08-2019
- The above given graph focuses on the Acetic Acid price trend from 12th Aug to 16th Aug 2019. If we take a quick look at the above given weekly prices, it can be observed that prices increased significantly for this week.
- Prices remained vulnerable with high rise in prices for this week. Prices were assessed at the level of Rs.38/Kg for Kandla and Mumbai port for bulk quantity.
Booking Scenario
INDIA& INTERNATIONAL
- Domestic prices of Acetic acid were assessed around Rs.37/Kg for Kandla and Mumbai port of India.
- CIF India prices for Acetic Acid were assessed around USD 450-470/MT with an rise of USD 30/MT in international prices for this week.
- Prices for Methanol have reduced for this week as well. CFR India prices were assessed at the level of USD 213/MT, reduced by USD 10/MT in compare to last week’s closing values.
- Benzene the major source for aromatic products has also improved for this week. FOB Korea values for Benzene were assessed around USD 650/MT, increased by USD 20/MT for this week, while CFR China prices also improved and were assessed at the level of USD 645/MT for this week.
- The ongoing tensions between India and neighbouring state have been a matter of concern. The neighbouring state has cut down its all ties with India. Although this will not have major impact on India economy.
- India’s nine-month long demand slump in automobile industry - July sales dipping to its lowest level in 20 years - has affected the auto components and ancillary industries including petrochemicals triggering job cuts and production slowdown. This slowdown in the auto industry is also being reflected in the ancillary industries, which includes the chemicals and plastics segments.
- Leading Indian paints manufacturers Asian Paints and Berger Paints have noted a downward pressure on their automotive paints segment due to the slowdown.
- Paint manufacturers use crude oil derivatives such as titanium dioxide, ethylene glycol and plasticizers as raw materials.
- Chemicals, technical textiles and engineering plastics manufacturer SRF Ltd has seen a 11% decline in sales in its technical textiles segment in the first quarter of 2019-20 and expects the subdued demand from the automotive industry to continue in the near term, a company source said.
- The slowdown in the auto industry has also affected the demand for phenol-based derivatives, said Deepak Mehta, chief managing director of chemicals manufacturer Deepak Nitrite while reviewing the company’s first quarter results.
1$: Rs. 71.55
Import Custom Ex. Rate USD/ INR: 71.85
Export Custom Ex. Rate USD/ INR: 70.15
