Acetic Acid Weekly Report 22 Feb 2019

Weekly Price Trend: 18-02-2019 to 22-02-2019

• The above given graph focuses on the Acetic Acid price trend from 18^th February to 22^nd February 2019. If we take a quick look at the above given weekly prices, it can be observed that prices remained stable and firm in domestic market.
• Initially prices remained firm but by ebd of the week there was decline in domestic values. By end of this week, prices were assessed at the level of Rs.36/Kg for Kandla and for Mumbai port for bulk quantity.

Booking Scenario

INDIA& INTERNATIONAL 

• Domestic prices of Acetic acid were assessed around Rs.36/Kg for Kandla and for Mumbai port of India. This week domestic prices remained unchanged and firm for this week.
• CIF India prices for Acetic Acid were assessed around USD 390-410 reduced by USD 20/MT in compare to last week’s closing values.
• Major producer Celanese on 1 February announced a $90/tonne hike on acetic acid in Asia outside China.
• Prices for Methanol have remained vulnerable since last few weeks has also affected the Acetic Acid values in domestic as well as international market. CFR India Methanol prices were assessed at the level of USD 300/MT.
• The recent terror attack on Indian military will have an adverse impact on Indian trade relation with neighbouring nation. Moreover such heinous attacks affect the economy of the country as well.
• US crude has hit a new high in production this week. Prices on back of this production has hit to bottom despite of OPEC trying to withhold the production and tighten global markets.
• International Brent crude futures were at $66.87 per barrel at 0326 GMT, down 20 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude oil futures were at $56.84 per barrel, down 12 cents, or 0.2 percent, from their last settlement.
• U.S. crude output has soared by almost 2.5 million bpd since the start of 2018, and by a whopping 5 million bpd since 2013. America is the only country to ever reach 12 million bpd of production.
• OPEC and some non-affiliated producers such as Russia agreed late last year to cut output by 1.2 million bpd to prevent a large supply overhang from growing. Another recent price driver has been U.S. sanctions against oil exporters Iran and Venezuela. 

1$: Rs. 71.14

Import Custom Ex. Rate USD/ INR: 72.00

Export Custom Ex. Rate USD/ INR: 70.30