Acetic Acid Weekly Report 4 October 2019
Weekly Price Trend: 30-09-2019 to 04-10-2019
- The above given graph focuses on the Acetic Acid price trend from 30th Sept to 4th Oct 2019. If we take a quick look at the above given weekly prices, it can be observed that prices remained vulnerable for this week.
- Prices remained vulnerable with decline in values in mid of the week. Later there was correction in values. Prices were assessed at the level of Rs.37/Kg for Kandla and for Mumbai port for bulk quantity.
Booking Scenario
INDIA& INTERNATIONAL
- Domestic prices of Acetic acid were assessed around Rs.37/Kg for Kandla and for Mumbai port of India.
- CIF India prices for Acetic Acid were assessed around USD 440-460/MT, remained unchanged for this week.
- Prices for Methanol improved significantly for this week. CFR India prices were assessed at the level of USD 225/MT, increased b USD 15 for this week in compare to last week’s closing values.
- China is celebrating its Golden week festival next week. So most of Chinese markets are not available and will resume work from next week.
- There have been significant changes across the global market affecting the demand for petrochemicals.
- Global auto market has been at its lowest phase affecting the chemical sector associated with automobile sector.
- Global economic factor i.e. slowdown in economies, liquidity crunch and the political differences between China and US has been hampering the global trade and has been making it more polarised. The US$ has been rising due to increased uncertainty, creating currency risk for those who have borrowed in dollars; geopolitical risks are becoming more obvious.
- Chemical industry capacity utilisation, the best leading indicator for the global economy, has been in decline since December 2017, leading to conclusion of recession in near future and the bankruptcies among over-leveraged firms will inevitably increase.
- On Thursday, closing crude values have mixed. WTI on NYME closed at $52.45/bbl. Prices have decreased by 0.19/bbl in compared to last closing prices. While Brent on Inter Continental Exchange is increased by 0.02/bbl in compare to last closing price and was assessed around $57.71/bbl.
1$: Rs. 70.96
Import Custom Ex. Rate USD/ INR: 72.15
Export Custom Ex. Rate USD/ INR: 70.45
