Acetic Acid Weekly Report 27 May 2017
Weekly Price Trend: 22-05-2017 to 26-05-2017
- The above given graph focuses on the Acetic Acid price trend from 22nd May 2017 to 26th May 2017. If we take a quick look at the above given weekly prices, it can be observed that this week price of Acetic Acid remained soft-to-stable.
- By end of this week, prices were assessed at the level of Rs.30/Kg for Kandla and Rs.29.5/Kg for Mumbai port for bulk quantity.
Booking Scenario
INDIA& INTERNATIONAL
- Domestic prices of Acetic acid remained soft-to-stable for this week. Prices were assessed at the level of Rs.30/Kg for Kandla and Rs.29.5/Kg for Mumbai port for bulk quantity.
- There has been continuous decline in Methanol values in domestic market which in turn has affected the Acetic Acid prices.
- CIF India prices of Acetic acid were assessed around USD 385-405/MTS, with no change in compare to last week’s closing values.
- Feedstock Methanol CFR India prices were assessed in the range of USD 230-240/MT.
- This week oil prices remained highly volatile. On Thursday, Crude oil prices plunged more than 5 percent below $49 per barrel, its biggest daily drop in last three weeks as OPEC members agreed to extend oil output cuts for nine months, crude oil traders pushed prices down by more than 4%.
- As per report, OPEC and some non-OPEC members agreed to extend oil supply cuts of 1.8 million barrels per day for a further nine months in a bid to stop waving prices. However, the move disappointed some who had hoped for longer or deeper cuts.
- As per market analyst, an initial six months of output reductions failed to shrink brimming crude stockpiles around the world. OPEC members need to curtail exports and take action to limit surging U.S. production to succeed this time.
- On Thursday, closing crude values have decreased.WTI on NYME closed at $48.90/bbl, prices have decreased by $2.46/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $2.50/bbl in compared to last trading and was assessed around $51.46/bbl.
1$ : Rs. 64.44
Import Custom Ex. Rate USD/ INR: 65.30
Export Custom Ex. Rate USD/ INR: 63.60
