Acetic Acid Weekly Report 28 August 2020

Weekly Price Trend: 24-08-2020 to 28-08-2020

• The above given graph focuses on the Acetic Acid price trend from 24^th Aug to 28^th Aug 2020. If we take a quick look at the above given weekly prices, it can be observed that prices improved for this week.
• By end of the week prices were assessed at the level of Rs.28/Kg, with improvement in values throughout this week.

 Booking Scenario

INDIA& INTERNATIONAL

• Domestic prices of Acetic acid were assessed around Rs.28/Kg for Kandla and for Mumbai ports of India.
• CIF India prices for Acetic Acid were assessed around USD 390-410/MT for this week, increased by USD 20/MT for this week.
• Domestic market has been operating at slower rate this year due to pandemic. The season of festivals has already started in India but there is no demand nor any kind of rush for domestic consumption.
• There has been mixed trend in petrochemical market. Prices for the specific category of chemicals have been declining with slowdown in demand. Petrochemical segment has been struggling owing oversupply. There has been steep decline in consumption as most of the economies in Asian subcontinent are passing through major recession phase.
• Asian petrochemical segment remained stable and calm in spite of shutdown of major refineries across the globe. There has been shutdown of major refineries in US due to hurricane Laura in southwest Louisiana.
• There has been concerns over slowdown in demand as world sees no slowdown in the outpouring of coronavirus cases.
• As per reports, the Hurricane Laura is incoming very fiercely, the market thinks its impact will be very short-lived as oil producers in the region are just temporarily pausing their operations for a few days.
• On Thursday closing, crude values have declined slightly. WTI on NYME closed at $43.04/bbl. Prices have reduced by 0.35/bbl in compared to last closing prices. While Brent on Inter Continental Exchange have reduced by 0.55/bbl in compare to last closing price and was assessed around $45.09/bbl.

1$: Rs. 73.85

Import Custom Ex. Rate USD/ INR: 75.90

Export Custom Ex. Rate USD/ INR: 74.15