Acetic Acid Weekly Report 7 August 2020

Weekly Price Trend: 03-08-2020 to 07-08-2020

• The above given graph focuses on the Acetic Acid price trend from 3^rd Aug to 7^th Aug 2020. If we take a quick look at the above given weekly prices, it can be observed that prices has reduced for this week.
• By end of the week prices were assessed at the level of Rs.27.5/Kg, prices reduced by Rs 1.5/Kg for this week.

Booking Scenario

INDIA& INTERNATIONAL

• Domestic prices of Acetic acid were assessed around Rs.27.5/Kg for Kandla and for Mumbai ports of India.
• CIF India prices for Acetic Acid were assessed around USD 410-430/MT for this week, reduced by USD 20/MT for this week.
• Petrochemical market has been through difficult conditions. The scenario is likely to continue for the second half of the year as well. The demand is likely to remain lull as major economies of the world are struggling with this pandemic. The ongoing tension between America and China has been the major concern.
• There has been heavy rains in the western part of India specifically Mumbai which has halted all the port as well as other operations.
• Covid cases are highest in India in Mumbai which has made led to strong melting in petroleum industry. With starting of festive season there will be more holidays in the industry. However demand will not gain in spite of festive season. Manufacturers are facing really very difficult time due to this pandemic.
• Oil prices slipped further leading to the decline in fuel demand growth amid a resurgence of coronavirus cases and as talks have stalled in the United States on a new stimulus deal.
• The resurgence of coronavirus infections remains the main uncertainty in the oil market, as that will determine how fast fuel demand rebounds.
• Rising cases are the main reason for the uncertainty for fuel demand growth and in oil prices. On Thursday, closing crude values have decreased. WTI on NYME closed at $41.95/bbl. Prices have decreased by 0.24/bbl in compared to last closing prices. While Brent on Inter Continental Exchange have decreased by 0.08/bbl in compare to last closing price and was assessed around $45.09/bbl. 

1$: Rs. 74.87

Import Custom Ex. Rate USD/ INR: 76.10

Export Custom Ex. Rate USD/ INR: 74.40