Acetic Acid Weekly Report 8 March 2019
Weekly Price Trend: 04-03-2019 to 08-03-2019
- The above given graph focuses on the Acetic Acid price trend from 4th March to 8th March 2019. If we take a quick look at the above given weekly prices, it can be observed that prices remained soft to stable in domestic market.
- Initially prices remained firm but by end of the week there was decline in domestic values. By end of this week, prices were assessed at the level of Rs.35/Kg for Kandla and for Mumbai port for bulk quantity.
Booking Scenario
INDIA& INTERNATIONAL
- Domestic prices of Acetic acid were assessed around Rs.35/Kg for Kandla and for Mumbai port of India. This week domestic values remained stable in domestic market.
- CIF India prices for Acetic Acid were assessed around USD 360-380 reduced by USD 30/MT in compare to last week’s closing values.
- Prices for Methanol have remained vulnerable since last few weeks have also affected the Acetic Acid values in domestic as well as international market. CFR India Methanol prices were assessed at the level of USD 290/MT.
- The acetic Acid supply is likely to get tightened in next few weeks with major units are likely to undergo maintenance. China is the major supplier for Acetic Acid. The prices were under great pressure during the lunar holidays.
- By the time India has fixed for its March shipments from Middle East as it has been more accessible.
- There are many units in China which are likely to undergo maintenance in the next few months. To mention few Shanghai Wujing with capacity of 7, 00,000 tonnes/year will shut down its unit in the month of April. International Acetate Co (IAC) will shut down its Acetic Acid unit in the month of May for a month with a capacity of 4, 00,000 tonnes/year.
- U.S. West Texas Intermediate (WTI) crude oil futures were at $56.32 per barrel, down 34 cents, or 0.6 percent, from their last settlement.
- Brent crude oil futures were at $65.83 per barrel at 0358 GMT, down 47 cents, or 0.7 percent from their last close.
- Financial markets, including crude oil futures, took a hit after ECB President Mario Draghi said on Thursday the economy was in "a period of continued weakness and pervasive uncertainty".
- China's February dollar-denominated exports fell 21 percent from a year earlier, coming in far worse than analysts' expectations, while imports dropped 5.2 percent, official data showed on Friday.
- Russia has bagged to become the major exporter of crude to US after Venezuela sanctions. U.S. crude oil imports from Venezuela slumped to just 83,000 bpd in the week to March 1, compared to 208,000 bpd in the previous week.
- The U.S. sanctions on Venezuela have also prohibited U.S. exports of naphtha to the Latin American country which uses the product to dilute its heavy crude. SO here again Russia has came to rescue for these nations. Rosneft has carried out shipments of heavy naphtha to Venezuela expected in the next few weeks
PLANT NEWS
Acetic Acid unit will shut down by Kingboard
- Kingboard (Hebei Yingdu Gasification) will shut down its Acetic Acid unit for maintenance turnaround. The unit will remain off-stream for around 2-3 weeks. The unit will undergo maintenance in the month of April.
- Unit is based at Xingtai in Hebei in China and has the production capacity of 5,00,000 tonnes/year.
Acetic Acid unit to be shut down by Chang Chung Petrochemical
- Chang Chng Petrochemical has announced its maintenance schedule for its Acetic acid unit. The unit will undergo maintenance in the month of April 4-5 weeks. The unit will be shut down for its annual maintenance.
- Unit is based at Taiwan and has the production capacity of 6,00,000 tonnes/year.
1$: Rs. 69.91
Import Custom Ex. Rate USD/ INR: 71.00
Export Custom Ex. Rate USD/ INR: 69.30
