Acetic Acid Weekly Report 25 October 2019

Weekly Price Trend: 21-10-2019 to 25-10-2019

• The above given graph focuses on the Acetic Acid price trend from 21^st Oct to 25^th Oct 2019. If we take a quick look at the above given weekly prices, it can be observed that prices has been slowly declining in domestic market.
• By end of the week prices were assessed at the level of Rs.35/Kg, reduced by Rs.2/Kg in a week.

Booking Scenario

INDIA& INTERNATIONAL 

• Domestic prices of Acetic acid were assessed around Rs.35/Kg for Kandla and for Mumbai port of India.
• CIF India prices for Acetic Acid were assessed around USD 490-510/MT, remained unchanged for this week.
• Prices for Methanol reduced slightly for this week. CFR India prices were assessed at the level of USD 215/MT, reduced by USD 3 for this week in compare to last week’s closing values.
• Indian markets are operating on reduced rate as country is festive mood. This weekend there will be diwali celebrations across the nation with long extended vacations.
• Oil futures finished higher Thursday, as the U.S. and Turkey reached a cease-fire pact in Syria, temporarily easing Middle East tensions, and a tentative Brexit deal fueled appetite for assets perceived as risky.
• On Thursday, closing crude values have increased. WTI on NYME closed at $56.23/bbl. Prices have increased by 0.26/bbl in compared to last closing prices. While Brent on Inter Continental Exchange is increased by 0.50/bbl in compare to last closing price and was assessed around $61.67/bbl.
• BP and China’s Zhejiang Petroleum and Chemical Corp. (ZPCC) have signed a memorandum of understanding (MoU) to explore the creation of a new equally-owned joint venture to build and operate a 1 million tpy acetic acid plant in eastern China.
• The proposed facility – in Zhoushan, Zhejiang Province – would deploy BP’s CATIVA XL technology to produce acetic acid. The potential new plant, which would be an addition to ZPCC’s major integrated refining and petrochemical manufacturing complex at Zhoushan, would be BP’s largest acetic acid producing site in the world.        

1$: Rs. 70.98

Import Custom Ex. Rate USD/ INR: 72.30

Export Custom Ex. Rate USD/ INR: 70.60