Acetone Weekly Report 22 April 2017

Weekly Price Trend: 17-04-2017 to 21-04-2017
 
The above given graph focuses on the Acetone price trend. If we take a quick look at the above given weekly prices, it can be observed that this week prices of Acetone have decreased. By the end of the week prices of Acetone were assessed at the level of Rs.62/kg for Kandla and 62/kg for Mumbai ports of India.
Total import at various ports of India March, 2017

Above chart represents the imported quantity of Acetone in the month of March, 2017. Total imported quantity previous month was around 10496mt. Last month at Bombay port higher quantity have been imported, while at Kandla port imports were lesser.

Booking Scenario

• These prices are inclusive of anti dumping duty.

INDIA& INTERNATIONAL

• For the current week in domestic market acetone price have decreased in compare to previous week and at the end of the week prices were assessed at the level of Rs 62/kg for Kandla and Rs 62/kg Mumbai ports.
• This week in international market, prices of Acetone have decreased in compare to previous week.
• There has been decline in the prices for Acetone in international market. This decline has been profusely due to fall in Benzene prices in Asian markets.
•  Acetone CFR China prices reduced by USD 15/MT and were assessed around USD 740/MT.
• This week with the plunge in oil prices upstream prices also have plunged.
• As per report, China domestic acetone prices may extend falls on poor demand.
• This week oil prices have followed mixed trend. On Wednesday oil slumped after U.S. data showed a smaller-than-expected drop in overall crude stocks and a surprising build in gasoline inventories, which raised worries about excessively high global supply.
• As per report, the surprise builds in gasoline, along with an increase in U.S. production and imports from OPEC nations, pressured prices. With just weeks to go before OPEC and other producers have to sign off on a new deal to hold down production. OPEC technical staff this month is expected to make a recommendation on whether to extend the cuts, and OPEC's monitoring committee meets the day before OPEC's May 25 meeting.
• Market players have said that to prevent a further ballooning in supplies, some OPEC producers including Saudi Arabia and Kuwait are lobbying to extend the pledge to cut production beyond June.
• On Thursday, closing crude values have remained mixed.WTI on NYME closed at $50.27/bbl, prices have decreased by $0.17/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.06/bbl in compared to last trading and was assessed around $52.99/bbl.
• Feedstock benzene prices have decreased this week with the weak buying sentiments.
• FOB Korea and CFR China prices of Benzene were evaluated at USD 780/mt and USD785/mt respectively.

 $1 = Rs. 64.41
 Import Custom Ex. Rate USD/ INR: 65.55
 Export Custom Ex. Rate USD/ INR: 63.85