Acetic Acid Weekly Report 3 July 2020
Weekly Price Trend: 29-06-2020 to 03-07-2020
- The above given graph focuses on the Acetic Acid price trend from 29th June to 3rd July 2020. If we take a quick look at the above given weekly prices, it can be observed that prices remained stable with no change in values.
- By end of the week prices were assessed at the level of Rs.26/Kg, without any change in prices 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.
- There has been continuous surge in Corona cases in major cities of India. The financial city of India Mumbai has been hotspot for the pandemic. The state government over there has declared complete lockdown again for two weeks. Operations are likely to get setback due to this lockdown.
- The face-off between India and China has been major concern for global petrochemical market. India this week has banned the apps and is focusing more on Make in India rather importing from China. The tensions has been escalating day by day where China has been conquering the lands in south Asia and creating tensions with neighbouring countries.
- Oil declines as there has been rise in corona cases which worries oil demand. Prices decline as the resurrection of the coronavirus globally and in the United States, the world's largest oil consumer, dimmed the prospects of fuel demand recovery.
- Increases in the daily cases of the coronavirus, and globally as well has pressured prices. New U.S. COVID-19 cases rose by more than 50,000 on Thursday, setting a record for a third consecutive day.
- On Thursday, closing crude values have increased. WTI on NYME closed at $40.65/bbl. Prices have increased by 0.83/bbl in compared to last closing prices. While Brent on Inter Continental Exchange is increased by 1.11/bbl in compare to last closing price and was assessed around $43.14/bbl.
- The market has become increasingly confident that easing restrictions on travel and business would boost demand for crude oil, but the pandemic's progress threatens to derail this recovery.
- China’s petrochemical markets mainly tracked crude oil in June with several chemicals saw lower prices as a result of weaker demand, a trend likely to continue months ahead.
- As of now, 19 out of the 33 petrochemical products witnessed lower prices than at the beginning of the month while for the rest, almost a half saw limited price gains.
- These include methanol, purified terephthalic acid (PTA), polypropylene (PP), polyethylene (PE), monoethylene glycol (MEG), mixed xylene, benzene, toluene, acetic acid, styrene, phenol, acrylonitrile, acetone, n-butanol, 2-ethylhexanol (2-EH), acrylic esters and propylene oxide (PO).
PLANT NEWS
Acetic Acid unit shut down by Sinopec Great Wall Energy and Chemical
- Sinopec Great Wall Energy and Chemical has shut down its Acetic Acid unit for brief maintenance. The company has not stated for how long the unit is likely to remain off-line.
- Unit is based at Ningdong, Ningxia province of China and has the production capacity of 3,00,000 tonnes/year.
1$: Rs. 74.63
Import Custom Ex. Rate USD/ INR: 76.40
Export Custom Ex. Rate USD/ INR: 74.70
