Acetic Acid Weekly Report 20 September 2019 20 Sep 19, 06:16 pm

Acetic Acid Weekly Report 20 September 2019

Weekly Price Trend: 16-09-2019 to 20-09-2019

The above given graph focuses on the Acetic Acid price trend from 16^th Sept to 20^th Sept 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 vulnerable with decline in values in mid of the week. Later there was correction in values. Prices were assessed at the level of Rs.38/Kg for Kandla and for Mumbai port for bulk quantity.

Booking Scenario

INDIA& INTERNATIONAL

Domestic prices of Acetic acid were assessed around Rs.39/Kg for Kandla and for Mumbai port of India.
CIF India prices for Acetic Acid were assessed around USD 440-460/MT, reduced by USD 20/MT for this week.
Prices for Methanol slightly reduced for this week. CFR India prices were assessed at the level of USD 212/MT, reduced by USD 3/MT for this week in compare to last week’s closing values. Indian market is operating at slow note due to ongoing festive season across the nation.
Benzene the major source for aromatic products has also improved for this week. FOB Korea values for Benzene were assessed around USD 720/MT, increased by USD 20/MT for this week, while CFR China prices also improved and were assessed at the level of USD 735/MT for this week.
Oil prices rose sharply on Thursday, supported by supply risks as the market assesses the fallout from last weekend's drone attacks on Saudi oil infrastructure.
The attacks knocked out around half of Saudi Arabia's crude production and severely limited the country's spare capacity, a cushion for oil markets in any unplanned outage.
"Global available spare capacity is extremely low at present following the weekend attacks, leaving little room for additional outages, which tends to be price supportive," UBS oil analyst Giovanni Staunovo said.
Earlier this week Saudi Arabia set out a timeline for a resumption of full operations, saying it had restored supplies to customers at levels prior to the attacks by drawing from its oil inventories.
It said it would restore its lost production by the end of this month, and bring its output capacity back to 12 million barrels per day by the end of November.
"These plans suggest Saudi Arabia will have no spare capacity for at least the next two and a half months and therefore no way to absorb any further shocks," consultancy Energy Aspects said.
Saudi Arabia, the world's leading oil exporter, has said the crippling attack on its oil sites was "unquestionably sponsored" by regional rival Iran.