Acetic Acid Weekly Report 3 January 2020
Weekly Price Trend: 30-12-2019 to 03-01-2020
- The above given graph focuses on the Acetic Acid price trend from 30th Dec to 3rd Jan 2020. If we take a quick look at the above given weekly prices, it can be observed that prices has remained stable for this week.
- By end of the week prices were assessed at the level of Rs.32.5/Kg, slightly increased in this week.
Booking Scenario
INDIA& INTERNATIONAL
- Domestic prices of Acetic acid were assessed around Rs.32.5/Kg for Kandla and for Mumbai port of India.
- CIF India prices for Acetic Acid were assessed around USD 510-530/MT, with no change in prices for this week.
- Prices for Methanol on other side improved for this week. CFR India prices were assessed at the level of USD 208/MT, increased by USD 8/MT for this week.
- Benzene the major source for aromatic products also remained stable with no change in prices for this week. FOB Korea values for Benzene were assessed around USD 735/MT for this week, while CFR China prices were assessed at the level of USD 730/MT for this week.
- Crude prices have been soaring up today as there has been tension growing between Iran and US. Brent crude futures jumped by close to $3 on Friday to their highest since September after a US air strike killed key Iranian and Iraqi military personnel, raising concerns that escalating Middle East tensions may disrupt oil supplies.
- The supply side risks remain elevated in the Middle East and we could see tensions continue to elevate between the U.S. and Iran-backed militia in Iraq.
- Oil prices still have room for further upside as many analysts still have to upgrade their demand forecasts to include a rather calm period on the trade front.
- On Thursday, closing crude values have increased. WTI on NYME closed at $61.18/bbl. Prices have increased by 0.12/bbl in compared to last closing prices. While Brent on Inter Continental Exchange is increased by 0.25/bbl in compare to last closing price and was assessed around $68.25/bbl.
Plant news
Acetic Acid unit no3 restarted by Jiangsu Sopo Chemical
China based Jiangsu Sopo Chemical has restarted its Acetic acid unit after brief maintenance schedule. The unit is based at Zhejiang province of China and has the production capacity of 8,00,000 tonnes/year.
1$: Rs. 71.80
Import Custom Ex. Rate USD/ INR: 72.15
Export Custom Ex. Rate USD/ INR: 70.45
