Acetic Acid Weekly Report 24 January 2020
Weekly Price Trend: 20-01-2020 to 24-01-2020
- The above given graph focuses on the Acetic Acid price trend from 20th Jan to 24th Jan 2020. If we take a quick look at the above given weekly prices, it can be observed that prices remained variable in this week.
- By end of the week prices were assessed at the level of Rs.30/Kg, significantly reduced in this week.
Booking Scenario
INDIA& INTERNATIONAL
- Domestic prices of Acetic acid were assessed around Rs.30/Kg for Kandla and for Mumbai port of India.
- CIF India prices for Acetic Acid were assessed around USD 520-540/MT, reduced by USD 20/MT for this week,
- Prices for Methanol on other side improved for this week. CFR India prices were assessed at the level of USD 208/MT, increased by USD 8/MT for this week.
- There has been significant rise in demand of Acetic Acid from the downstream industry which is VAM and PTA manufacturers. Rise in demand is primarily due to start up of new VAM units. Lotte BP Chemical plans to start trial operation at its new 200,000 tonne/year VAM plant in Ulsan in October 2020.
- The negative reports related to spreading of life threatening disease in China have affected the commute of people across the country. Earlier people were all set to start their Lunar vacation aiming for different tourist destinations. Now with epidemic spread and locking down of major cities, people are restricted to stay at their home and avoid any public gathering
- Oil prices on Friday, following a drawdown in US crude stocks, but were set to fall heavily for the week amid worries that a new coronavirus in China that has killed 25 so far may spread, curbing travel, fuel demand and economic prospects.
- Brent crude futures were up 31 cents, or 0.5 per cent, at $62.35 a barrel by 0741 GMT after falling 1.9 per cent the previous session. For the week, Brent is down about 4 per cent.
- The virus has infected more than 800 so far in China, with 25 dead as of Thursday, according to China's National Health Commission. The World Health Organisation has declared the situation an emergency, but stopped short of declaring the epidemic of international concern.
- Most of the cases are in the central Chinese city of Wuhan, where the virus is believed to have originated late last year, though cases have now been found in at least seven other countries. Oil prices could remain on a slippery slope as traders remain incredibly twitchy about the effects the coronavirus outbreak could have on Chinese GDP and air travel more broadly.
1$: Rs. 71.32
Import Custom Ex. Rate USD/ INR: 71.65
Export Custom Ex. Rate USD/ INR: 69.95
