Acetic Acid Weekly Report 6 March 2020

Weekly Price Trend: 02-03-2020 to 06-03-2020

• The above given graph focuses on the Acetic Acid price trend from 2^nd March to 6^th March 2020. If we take a quick look at the above given weekly prices, it can be observed that prices remained stable for this week.
• By end of the week prices were assessed at the level of Rs.27/Kg, with no change in values for this week.

Booking Scenario

INDIA& INTERNATIONAL 

• Domestic prices of Acetic acid were assessed around Rs.27/Kg for Kandla and for Mumbai ports of India.
• CIF India prices for Acetic Acid were assessed around USD 490-510/MT, with no change on prices for this week.
• Prices for Methanol on other side have reduced slightly for this week. Prices were assessed around USD 197/MT reduced by USD 5/MT for this week.
• On Thursday, closing crude values have decreased. WTI on NYME closed at $47.09/bbl. Prices have decreased by 1.64/bbl in compared to last closing prices. While Brent on Inter Continental Exchange is decreased by 1.25/bbl in compare to last closing price and was assessed around $53.18/bbl.
• There have been many fresh cases of Corona in India and South Asian countries. The rise in cases has been serious concern for these nations. To curtail this epidemic government has been taking strict actions like sealing of borders, health checkups at airports, curtail in imports from the affected nations like China and Iran. This all measures across the world has been hitting hard the global economy.
• Oil slid on Friday as worries about demand for fuel being sapped by the global coronavirus outbreak were heightened by concern over non-Opec crude producers not yet having agreed to cut output further to support prices. The Organization of the Petroleum Exporting Countries (Opec) on Thursday pushed for crude output by Opec and associated producers - a group known as Opec plus - to be cut by an extra 1.5 million barrels per day (bpd) in total until the end of 2020. The call came ahead of an Opec plus meeting scheduled for Friday in Vienna.
• Non-Opec states were expected to contribute 500,000 bpd to the overall extra cut, Opec ministers said. But Russia and Kazakhstan, both members of Opecplus, said they had not yet agreed to the deeper cut, raising the risk of a collapse in cooperation that has propped up crude prices since 2016. Some analysts expected Moscow to ultimately endorse the agreement. 

1$: Rs. 73.67

Import Custom Ex. Rate USD/ INR: 74.25

Export Custom Ex. Rate USD/ INR: 72.55