Acetic Acid Weekly Report 18th September 2020
Weekly Price Trend: 14-09-2020 to 18-09-2020
- The above given graph focuses on the Acetic Acid price trend from 14th Sept to 18th Sept 2020. If we take a quick look at the above given weekly prices, it can be observed that prices have improved significantly in this week.
- By end of the week prices were assessed at the level of Rs.32-33/Kg, for both the ports. There has been hike of Rs.5/Kg in prices in this one week.
Booking Scenario
INDIA& INTERNATIONAL
- Domestic prices of Acetic acid were assessed around Rs.32/Kg for Kandla and Rs.32.5/Kg for Mumbai ports of India.
- CIF India prices for Acetic Acid were assessed around USD 420-440/MT for this week, there has been an increase of USD 40/MT for this week.
- Domestic market has been operating at moderate rate this week. Although the global pandemic continues to affect the market consumers and manufacturers.
- Acetic Acid market has been marching ahead in domestic market. The rising prices pf Methanol in global Asian market has been adding on pressure to the prices for Acetic Acid.
- The global market is feeling the heat of pandemic and exports across the nations has dropped significantly. Singapore the energy hub in the South Asian region has witnessed the decline in exports by 16.4%.
- To India’s woes the geopolitical tension with China has been hitting hard the country imports and has affected the further demand in the country.
- Rising corona cases post 4th Lockdown has affected each and every sector of the society. The country has been next two Brazil and the numbers are increasing with each passing day. The new normal is but difficult for the whole society.
- Crude values have been observed on surging trend. Oil prices rose for a fourth day in a row on Friday, putting crude on track for a weekly gain of about 10%, after Saudi Arabia pressed allies to stick to production quotas and banks including Goldman Sachs predicted a supply deficit.
- On Thursday closing, there was heavy rise in crude prices. WTI on NYME closed at $40.97/bbl. Prices increased by 0.88/bbl in compared to last closing prices. While Brent on Inter Continental Exchange has reduced by $1.08/bbl in compare to last closing price and was assessed around $43.30/bbl.
1$: Rs. 73.44
Import Custom Ex. Rate USD/ INR: 74.60
Export Custom Ex. Rate USD/ INR: 72.90
