Acetic Acid Weekly Report 2 August 2019

Weekly Price Trend: 29-07-2019 to 02-08-2019

• The above given graph focuses on the Acetic Acid price trend from 29^th July to 2^nd Aug 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 highly vulnerable for this week. By end of this week, prices were assessed at the level of Rs.36/Kg for Kandla and Mumbai port for bulk quantity.

Booking Scenario

INDIA& INTERNATIONAL 

• Domestic prices of Acetic acid were assessed around Rs.36/Kg for Kandla and Mumbai port of India.
• CIF India prices for Acetic Acid were assessed around USD 430-440/MT increased by USD 20/MT in compare to last week’s closing values.
• Prices for Methanol remained stable for this week with no change in values and were assessed at USD 223/MT.
• There is again threat from US for imposing new tariffs on Chinese goods. US President Donald Trump repeated on Thursday his earlier threat to impose tariffs on $300bn worth of Chinese goods, a move that would put nearly every US import from China under some kind of duty.
• China has not responded yet in this matter. However, it has retaliated every time that the US had imposed tariffs on Chinese goods.
• Chemical companies have already complained that the tit-for-tat tariffs between the US and China have hurt their business. They highlighted the trade dispute in their second-quarter earnings reports and in their conference calls with analysts.
• State oil giant Saudi Aramco sets its crude prices based on recommendations from customers and after calculating the change in the value of its oil over the past month, based on yields and product prices.
• Top oil exporter Saudi Arabia may cut prices for most of the crude grades it sells to Asia for a second straight month in September after Middle East benchmark prices weakened.
• On Thursday, closing crude values have mixed. WTI on NYME closed at $53.95/bbl. Prices have decreased by 4.63/bbl in compared to last closing prices. While Brent on Inter Continental Exchange is increased by 0.02/bbl in compare to last closing price and was assessed around $65.19/bbl 

1$: Rs. 69.59

Import Custom Ex. Rate USD/ INR: 70.00

Export Custom Ex. Rate USD/ INR: 68.30