Acetic Acid Weekly Report 26 July 2019

Weekly Price Trend: 22-07-2019 to 26-07-2019

• The above given graph focuses on the Acetic Acid price trend from 22^nd July to 26^th July 2019. If we take a quick look at the above given weekly prices, it can be observed that prices remained vulnerable for this week.
• Prices remained highly vulnerable for this week. By end of this week, prices were assessed at the level of Rs.35/Kg for Kandla and Mumbai port for bulk quantity. Prices heavily increased by Rs 5/Kg for this week.

Booking Scenario

INDIA& INTERNATIONAL 

• Domestic prices of Acetic acid were assessed around Rs.35/Kg for Kandla and Mumbai port of India.
• CIF India prices for Acetic Acid were assessed around USD 400-420/MT increased by USD 30/MT in compare to last week’s closing values.
• Prices for Methanol have also reduced significantly for this week. CFR India prices were reduced by USD 12/MT and were assessed at the level of USD 223/MT.
• OPEC is considering using several metrics to assess where global oil (over)supply stands, including taking the five-year average of oil stocks in 2010-2014 instead of the most recent five-year average 2014-2018, which it currently reports in its monthly oil market reports and which the International Energy Agency (IEA) also takes as a benchmark to measure oil inventories.
• OPEC and its Russia-led non-OPEC allies are in their third year of managing supply to the market, hoping to draw down high inventories and push up oil prices.
• With demand rising over the next nine months and the commitments from all the countries, including the Kingdom of Saudi Arabia, we are approaching the normal levels of supplies of 2010-2014. It is one of the options in front of us as a goal.”
• The rate of the last five years is another option, which we think is unsuitable. We will study the middle options between these two choices. In any case, we will make sure that the market is balanced with proportionate indicators.

1$: Rs. 68.92

Import Custom Ex. Rate USD/ INR: 69.65

Export Custom Ex. Rate USD/ INR: 67.95