Acetone Weekly Report 25 March 2017

Weekly Price Trend: 20-03-2017 to 24-03-2017

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 plunged. By the end of the week prices of Acetone were assessed at the level of Rs.64/kg for Kandla and 63/kg for Mumbai ports of India.
Total import at various ports of India February, 2017

 
Above chart represent the imported quantity of Acetone for the month of February, 2017. Previous month total imported quantity was around 9309mt. As per the chart last month at Ennore port lower quantity has been imported while at Bombay port imports was higher.

Booking Scenario

• These prices are inclusive of anti dumping duty.

INDIA& INTERNATIONAL    

• For the current week in domestic market acetone price have plunged in compare to previous week and at the end of the week prices were assessed at the level of Rs 64/kg for Kandla and Rs 63/kg Mumbai ports.
• This week in international market, prices of Acetone also have plunged in compare to previous week.
• As per market report this week domestic Acetone market is moving with lacklustre velocity no major deals and discussion has been heard.
• In China market on account of limited spot buying prices have plunged.
• As per market report with the plunge in feedstock prices Acetone prices also decreased.
• US Acetone market stayed tight. April and May onwards, China will receive less US supply so the inventory levels will be drawn down.
• Taiwan’s Formosa Chemicals & Fibre Corporation (FCFC) shut its phenol/acetone plant in Mailiao from 1 March for regular maintenance that will last until 12-13 April.
• As per market report, presently acetone inventories in China are very high but in near term situation will change as outside China supplies are very tight.
• This week oil prices have followed scrawny inclination. Oil prices have plunged as U.S. crude inventories rising faster than expected, piling pressure on OPEC to extend output cuts beyond June. Now investors await a meeting between OPEC and its allies that may signal whether they will extend output curbs.
• As per source American crude output continued to rise along with inventories, While OPEC won’t formally decide until May whether to extend production curbs, officials will meet this weekend in Kuwait to discuss their deal’s progress.
• Market analyst said that without the production cut agreement, prices could basically target the low-to-mid $30s, players are positive that they will extend production cut. Some players are anticipating lowering prices due to high supplies.
• On Monday WTI were closed at $49.31 and Brent closed at $51.76 while on Thursday, closing crude values have decreased.WTI on NYME closed at $47.70/bbl, prices have decreased by $0.34/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $0.08/bbl in compared to last trading and was assessed around $50.56/bbl.
• Feedstock benzene prices have decreased this week.
• FOB Korea and CFR China prices of Benzene were evaluated at USD 715/mt and USD 725/mt respectively.

 $1 = Rs. 65.41
 Import Custom Ex. Rate USD/ INR: 66.20
 Export Custom Ex. Rate USD/ INR: 64.50