Acetic Acid Weekly Report 22 March 2019
Weekly Price Trend: 18-03-2019 to 22-03-2019
- The above given graph focuses on the Acetic Acid price trend from 18th March to 22nd March 2019. If we take a quick look at the above given weekly prices, it can be observed that prices remained soft to stable in domestic market.
- Initially prices remained firm but by end of the week there was decline in domestic values. By end of this week, prices were assessed at the level of Rs.32/Kg for Kandla and for Mumbai port for bulk quantity.
Booking Scenario
INDIA& INTERNATIONAL
- Domestic prices of Acetic acid were assessed around Rs.32/Kg for Kandla and for Mumbai port of India. This week domestic values reduced by Rs2.5/Kg in domestic market.
- CIF India prices for Acetic Acid were assessed around USD 360-380 reduced by USD 20/MTS for this week.
- Prices for Methanol have remained vulnerable since last few weeks have also affected the Acetic Acid values in domestic as well as international market. CFR India Methanol prices were assessed at the level of USD 292/MT.
- Indian currency has also strengthened against dollar in last few weeks. This has been one of the strongest performances of rupee against dollar since last few years.
- Crude prices continued its rally for this week. The oversupply of crude is no more in United States but it will not have major impact on prices.
- Many analysts and market observers believe that oil prices will move much higher with OPEC+ production cuts, declining U.S. inventories and a relatively strong global economy assuming that U.S.-China trade talks have a happy ending.
- Now Iranian customers have also started negotiating with the U.S. on possible waiver extensions to continue buying oil from Tehran.
- The U.S. waivers for eight key Iranian oil customers, including China, India, Japan, and South Korea, will expire in early May. While the U.S. Administration says that it continues to pursue zero Iranian oil exports, analysts expect Washington to extend waivers to at least a few of the currently exempted buyers, with reduced volumes allowed under the new waivers, as the Administration wouldn’t want to push oil prices too high.
- On Thursday, closing crude values have decreased. WTI on NYME closed at $59.98/bbl. Prices have decreased by $0.25/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $0.64/bbl in compare to last closing price and was assessed around $67.86/bbl.
1$: Rs. 68.95
Import Custom Ex. Rate USD/ INR: 70.00
Export Custom Ex. Rate USD/ INR: 68.35
