Acetic Acid Weekly Report 19 July 2019

Weekly Price Trend: 15-07-2019 to 19-07-2019

• The above given graph focuses on the Acetic Acid price trend from 15^th July to 19^th July 2019. If we take a quick look at the above given weekly prices, it can be observed that prices remained vulnerable for this week.
• 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 Rs.31.5/Kg for Mumbai port for bulk quantity. Prices slightly increased and then re-corrected to its base value for this week.

Booking Scenario

INDIA& INTERNATIONAL 

• Domestic prices of Acetic acid were assessed around Rs.29.5/Kg for Kandla and Rs.30.5/Kg for Mumbai port of India.
• CIF India prices for Acetic Acid were assessed around USD 370-390/MT increased by USD 20/MT in compare to last week’s closing values.
• Prices for Methanol have also reduced significantly for this week. CFR India prices were reduced by USD 8/MT and were assessed at the level of USD 235/MT.
• Crude prices continue to decline in international market as Crude has overvalued in the past weeks and the scenario might deteriorate soon. Even after declining Crude inventories in U.S. prices continue to decline for the fourth trading session.
• Further tension in the Middle East further escalated after U.S. claimed to destroy an Iranian drone in the Strait of Hormuz which is a prime route for the global crude flows.
• Further fresh concerns rising from the Middle East might hamper the supply and in turn support Crude prices. However, worries over global slowdown continue to hamper Crude prices as President Donald Trump stated that an actual deal between U.S. & China might take time but he wouldn’t fall back to impose tariffs on $325 billion worth of Chinese imports in U.S. if needed.
• On Thursday day, closing crude values have mixed. WTI on NYME closed at $55.28/bbl. Prices have decreased by 2.34/bbl in compared to last closing prices. While Brent on Inter Continental Exchange is increased by 1.15/bbl in compare to last closing price and was assessed around $65.5/bbl. 

1$: Rs. 68.80

Import Custom Ex. Rate USD/ INR: 69.65

Export Custom Ex. Rate USD/ INR: 67.95