Acetic Acid Weekly Report 24 May 2019

Weekly Price Trend: 20-05-2019 to 24-05-2019

• The above given graph focuses on the Acetic Acid price trend from 20^th May to 24^th May 2019. If we take a quick look at the above given weekly prices, it can be observed that prices remained weak with decline in values.
• Prices remained soft-to-stable throughout this week. By end of this week, prices were assessed at the level of Rs.28.5/Kg for Kandla and for Mumbai port for bulk quantity. Prices has reduced by Rs.1/Kg for bulk quantity in compare to last week’s closing values.

Booking Scenario

INDIA& INTERNATIONAL 

• Domestic prices of Acetic acid were assessed around Rs.28/Kg for Kandla and for Mumbai port of India. There has been decline in domestic values in compare to last week’s closing values.
• CIF India prices for Acetic Acid were assessed around USD 310-330 reduced by USD 30/MTS in compare to last week’s closing values.
• Prices for Methanol increased slightly for this week and were assessed around USD 310/MT for this week. With turbulence in crude values it has become difficult to anticipate Methanol values.
• India has officially ended all oil imports from Iran, India’s Ambassador Harsh Vardhan Shringla said on Wednesday, after Prime Minister Narendra Modi has managed to emerge victorious from India’s elections.
• Shringla was reluctant to say whether India agreed with the United States’ stance on the sanctions, but did say that the sanctions have hurt India, who relies on Iran in particular for a sizeable chunk of its crude oil. It now has had to find new sources of crude oil after the United States refused to extend the waiver India was enjoying up until May 2.
• World shares were deep in the red as concerns grew the China-US trade conflict was fast turning into a technology cold war between the world's two largest economies.
• World shares were deep in the red as concerns grew the China-US trade conflict was fast turning into a technology cold war between the world's two largest economies. 

1$: Rs. 69.53

Import Custom Ex. Rate USD/ INR: 71.15

Export Custom Ex. Rate USD/ INR: 69.50