Acetic Acid Weekly Report 26 June 2020

Weekly Price Trend: 22-06-2020 to 26-06-2020

• The above given graph focuses on the Acetic Acid price trend from 22^nd June to 26^th June 2020. If we take a quick look at the above given weekly prices, it can be observed that prices has improved significantly for this week.
• By end of the week prices were assessed at the level of Rs.26/Kg, improved by Rs.1.5/Kg for this week.

Booking Scenario

INDIA& INTERNATIONAL 

• Domestic prices of Acetic acid were assessed around Rs.26/Kg for Kandla and for Mumbai ports of India.
• CIF India prices for Acetic Acid were assessed around USD 400-420/MT for this week, with no change in the prices for this week.
• On Thursday, closing crude values have increased. WTI on NYME closed at $38.72/bbl. Prices have increased by 0.71/bbl in compared to last closing prices. While Brent on Inter Continental Exchange is increased by 0.74/bbl in compare to last closing price and was assessed around $41.05/bbl.
• Crude oil futures were trading higher in mid-morning trade in Asia June 26 after positive US economic data buoyed market sentiment about an improved demand outlook, despite fresh outbreaks of COVID-19.
• Surging number of new coronavirus cases in the US continues to weigh on market sentiment. Data from the COVID Tracking Project showed there were 38,672 positive COVID-19 tests in the US on June 24, a new record high. White House economic adviser Larry Kudlow was quoted in media reports as saying: "There will be shutdowns in individual places or certain stores.
• With fresh outbreaks of COVID-19 in Texas, Florida and California, there is a real threat of this demand recovery stalling. Some states are quarantining travelers from these states and some have halted the reopening of businesses 

PLANT NEWS 

Acetic Acid unit shut down by Sinopec Great Wall Energy and Chemical

• Sinopec Great Wall Energy and Chemical has shut down its Acetic Acid unit for brief maintenance. The company has not stated for how long the unit is likely to remain off-line.
• Unit is based at Ningdong, Ningxia province of China and has the production capacity of 3,00,000 tonnes/year. 

Acetic Acid shutdown by Henan Longyu Coal

• China based Henan Longyu Coal has shut down its Acetic Acid unit for maintenance turnaround. The duration for the shutdown has not been specified yet.
• Unit is based at Yongcheng, Henan province of China and has the production capacity of 4,00,000 tonnes/year. 

1$: Rs. 75.48

Import Custom Ex. Rate USD/ INR: 77.05

Export Custom Ex. Rate USD/ INR: 75.35