Acetic Acid Weekly Report 24 June 2017
Weekly Price Trend: 19-06-2017 to 23-06-2017
- The above given graph focuses on the Acetic Acid price trend from 19th June 2017 to 23rd June 2017. If we take a quick look at the above given weekly prices, it can be observed that this week there has been slowdown in domestic values.
- By end of this week, prices were assessed at the level of Rs.34.5/Kg for Kandla and Rs.34/Kg for Mumbai port for bulk quantity.
Total import at various ports in the month of May 2017
The above chart depicts the import of Acetic Acid at various ports of India in the month of May 2017.
Booking Scenario
INDIA& INTERNATIONAL
- Domestic prices of Acetic acid remained soft-to-stable for this week. With arrival of monsoon in major part of the country many players have been stocking the material before it reaches to its peak level. Prices were assessed at the level of Rs.34.5/Kg for Kandla and Mumbai port for bulk quantity.
- CIF India prices of Acetic acid were assessed around USD 420-440/MTS, with a decline of USD 10/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 followed mixed trend. The oil market posted its worst performance in the first six months in last two decades effectively signaling its refusal to accept the effectiveness of the OPEC statement and its desire for further production cuts.
- As per report, OPEC and Russia tried to stabilize prices with cuts at around $50-$60 per barrel, but this week Brent prices fell toward $44 per barrel on persistent oversupply worries.
- On Thursday Crude oil rose moderately following a Wednesday in which the commodity bottomed just above $42 per barrel.
- On Thursday, closing crude values have increased.WTI on NYME closed at $42.74/bbl, prices have increased by $0.21/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.40/bbl in compared to last trading and was assessed around $45.22/bbl.
- OPEC ministers and officials have said the cartel would not rush to deepen production cuts from the current four percent to arrest the price decline. They said the group would rather wait until existing joint cuts with non-OPEC Russia finally result in a global stocks decline during the third quarter when demand for crude oil is usually strong.
- OPEC and Russian sources also told that there were few signs the group is preparing any extraordinary action ahead of a joint ministerial monitoring committee meeting in Russia at the end of July.
1$ : Rs. 64.52
Import Custom Ex. Rate USD/ INR: 65.15
Export Custom Ex. Rate USD/ INR: 63.50
