Acetic Acid Weekly Report 19 April 2019
Weekly Price Trend: 15-04-2019 to 19-04-2019
- The above given graph focuses on the Acetic Acid price trend from15th April to 19th April 2019. If we take a quick look at the above given weekly prices, it can be observed that prices remained stable and decline by end of the week.
- Prices remained soft-to-stable throughout this week. By end of this week, prices were assessed at the level of Rs.34/Kg for Kandla and for Mumbai port for bulk quantity, 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.34/Kg for Kandla and for Mumbai port of India. There has been no change in domestic values and prices remained unchanged for this week.
- CIF India prices for Acetic Acid were assessed around USD 400-420 increased by USD with no change in compare to last week’s closing values.
- Prices for Methanol have increased significantly in Indian market specifically due to shortage in supply. CFR India were assessed in the range of USD 315-317/MT increased by USD 16/MT in one week. Experts believe this hike is temporary and will not lastofr longer period.
- The election period going in the country has been major factor affecting the sentiments for Indian economy. Traders are in mood to know first about the government to take lead and then make any fresh position in the market.
- Crude has been on upward trajectory since past few weeks, but with slowdown in buying has led to correction in values.
- The renewed concerns over rising US inventory and production as well as concerns over a global economic slowdown helped put a lid on the prices.
- On the demand front, China’s state-owned energy giant Sinopec had resumed buying US oil, which was bullish for the market. The EIA reported that US crude exports to China had dried up from mid-2018 through recent weeks, after having averaged over 300,000 bpd in first half of last year.
1$: Rs. 69.35
Import Custom Ex. Rate USD/ INR: 70.40
Export Custom Ex. Rate USD/ INR: 68.70
