Acetic Acid Weekly Report 30 August 2019

Weekly Price Trend: 26-08-2019 to 30-08-2019

• The above given graph focuses on the Acetic Acid price trend from 26^th Aug to 30^th Aug 2019. If we take a quick look at the above given weekly prices, it can be observed that prices reduced for this week.
• Prices remained vulnerable with decline in prices for this week. Prices were assessed at the level of Rs.39/Kg for Kandla and Rs.40/Kg for Mumbai port for bulk quantity.

Booking Scenario

INDIA& INTERNATIONAL 

• Domestic prices of Acetic acid were assessed around Rs.39/Kg for Kandla and Rs.40/Kg for Mumbai port of India.
• CIF India prices for Acetic Acid were assessed around USD 460-480/MT with decline of USD 20/MT in international prices for this week.
• Prices for Methanol have increased slightly for thus week. CFR India prices were assessed at the level of USD 208/MT, improved by USD 1/MT in compare to last week’s closing values.
• Indian market is operating at slow note due to ongoing festive season across the nation.
• Benzene the major source for aromatic products has also improved for this week. FOB Korea values for Benzene were assessed around USD 680/MT, increased by USD 10/MT for this week, while CFR China prices also improved and were assessed at the level of USD 675/MT for this week.
• Crude oil futures fell 0.15 per cent to Rs 4,036 per barrel on Friday after participants reduced positions amid a weak trend in global markets. Marketmen said the fall in crude oil futures was mostly due to trimming of positions by traders in tandem with a weak trend overseas.
• Meanwhile, West Texas Intermediate crude oil was trading down 0.90 per cent to USD 56.20. Brent Crude, the international benchmark, fell 0.61 per cent to trade at USD 60.71 a barrel.
• China's surprise decision to include crude oil in its latest round of tariffs on imports from the US is unlikely to restrict the overall US-Asia crude trade flows as various other Asian buyers are keen to pick up any US crude cargoes diverted from Chinese buyers.
• However, US crude oil suppliers are expected to largely shrug off the latest counter measures from Asia's biggest oil consumer as demand for the US product remains robust in the region.
• US crude oil has increasingly become a staple for many Asian refineries, with the sharp increase in US crude procurement from refiners in South Korea, Taiwan, India and Thailand more than making up for the cut back in China's purchases this year.

1$: Rs. 71.40

Import Custom Ex. Rate USD/ INR: 71.85

Export Custom Ex. Rate USD/ INR: 70.15