Acetic Acid Weekly Report 22 July 2017

Weekly Price Trend: 17-07-2017 to 21-07-2017

• The above given graph focuses on the Acetic Acid price trend from 17th July 2017 to 21st July 2017. If we take a quick look at the above given weekly prices, it can be observed that this week there has been slight reduction in domestic values.
• By end of this week, prices were assessed at the level of Rs.37/Kg for Kandla and for Mumbai port for bulk quantity.

Total import at various ports in the month of June 2017

The above chart depicts the import of Acetic Acid at various ports of India in the month of June 2017.There has been significant decline in imports in the month of June 2017.

Booking Scenario

INDIA& INTERNATIONAL

• Domestic prices of Acetic acid reduced slightly for this week. There has been quite limited supply of the chemicals in the market. Prices were assessed at the level of Rs.37/Kg for Kandla and Mumbai port for bulk quantity.

• CIF India prices of Acetic acid were assessed around USD 390-410/MTS, with a decline of USD 20/MTS in compare to last week’s closing values. The overall market trend remained volatile throughout this week with majority of chemicals witnessing slowdown in international values.

• This week oil prices have followed volatile trend in the market. Oil prices jumped more than 1 percent on Wednesday after a U.S. report showed a bigger weekly draw than forecast in crude and gasoline stocks along with a surprise drop in distillate inventories. 
• On Thursday, oil settled lower in uneven trading. Closing crude values have decreased.WTI on NYME closed at $46.92/bbl, prices have decreased by $0.40/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $0.40/bbl in compared to last trading and was assessed around $49.30/bbl.
• Russia is ready to continue working with OPEC to help rebalance oil markets, Moscow welcomed a flexible approach by OPEC's leader Saudi Arabia to accommodate rising output from Nigeria and Libya, said by source.
• Market players predicted that prices would hold near current levels ahead of Monday's meeting between key OPEC and non-OPEC producers in St. Petersburg, Russia. The market has been watching reports that Saudi Arabia, the world's largest crude producer, is considering an additional supply cut to reduce the global glut.

1$ : Rs. 64.32
Import Custom Ex. Rate USD/ INR: 65.65
Export Custom Ex. Rate USD/ INR: 63.95