Acetic Acid Weekly Report 31 March 2017

 Weekly Price Trend: 27-03-2017 to 31-03-2017

• The above given graph focuses on the Acetic Acid price trend from 27th March 2017 to 31st March 2017. If we take a quick look at the above given weekly prices, it can be observed that this week price of Acetic Acid reduced earlier in the week and remained stable for rest of the week.
• By end of this week, prices were assessed at the level of Rs.27.5/Kg for Kandla and for Mumbai port for bulk quantity.

Booking Scenario

INDIA& INTERNATIONAL

• Domestic prices of Acetic acid declined for this week. Prices were assessed at the level of Rs.27.5/Kg for Kandla and Mumbai port for bulk quantity.

• CIF India prices of Acetic acid were assessed around USD 370-390/MTS, with an decrease of USD 15/MTS 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 with little volatility prices remained on the higher note along with high expectations of extended supply cut. Brent and WTI crude both were assessed above $50 per barrel. Crude prices remained over 4 percent higher than they were on Tuesday. On Thursday prices have escalated as Kuwait gave its backing for an extension of OPEC production cuts in an attempt to reduce global oversupply.
• Market players said that oil prices will remain on higher note as OPEC and non-OPEC oil producing giants like Russia are likely to continue their production cut deal seeking to drive prices higher.
• There remains doubt that the output cuts will go deep enough for the world's bloated markets to leading to tightening of supply soon and significantly lift prices, especially as other producers that are not part of the agreement could step in to fill the supply gap. Moreover some players have said that there is a tremendous amount of stock in the markets and to expect a major increase in the price is not very realistic
• On Thursday, closing crude values have increased.WTI on NYME closed at $50.35/bbl, prices have increased by $0.84/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.54/bbl in compared to last trading and was assessed around $52.96/bbl.

1$ : Rs. 64.85
Import Custom Ex. Rate USD/ INR: 66.20
Export Custom Ex. Rate USD/ INR: 64.50