Acetone Weekly Report 29 July 2017

Weekly Price Trend: 24-07-2017 to 28-07-2017
 

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 followed weak trend. By the end of the week prices of Acetone were assessed at the level of Rs.57/kg for Kandla and 57/kg for Mumbai ports of India.

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 57/kg for Kandla and Rs 57/kg Mumbai ports.
• This week in international market, prices of Acetone also have in compare to previous week.
• China’s June acetone exports surge to 7,094 tonnes.
• Presently market is moving with soft-to-firm velocity. For Acetone no major deals and discussion has been heard while feedstock prices have increased this week.
• This week oil prices have followed up trend. On Thursday oil prices have boosted 8 weeks high on a hope that a steeper-than-expected decline in U.S. crude oil inventories will reduce global oversupply.
• On Thursday, closing crude values have increased.WTI on NYME closed at $49.04/bbl, prices have increased by $0.29/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.52/bbl in compared to last trading and was assessed around $51.49/bbl.
• As per report, U.S. crude stocks fell sharply last week as refineries increased output and imports declined, while gasoline stocks decreased and distillate inventories fell. Some players said that expectations that the long-oversupplied market is moving towards balance were also supported news that Saudi Arabia plans to limit crude exports to 6.6 million barrels per day (bpd) in August, about 1 million bpd below the level last year. Some producers announced plans to cut spending this year as a result of low oil prices.
• But analysts say oil prices may have little room to head higher as recent gains could encourage more output, particularly from U.S. shale producers with low costs.The market will likely be paying even more attention to drilling activity in the U.S. in the coming weeks.
• Benzene inventories along eastern China increase to 124,000 tonnes.
• An overnight gain in benzene prices in Europe and the US coupled with strength in upstream crude and naphtha values, supported a rise in benzene rates in Asia.
• FOB Korea and CFR China prices of Benzene were evaluated at USD 730/mt and USD750/mt respectively.

 $1 = Rs. 64.16
 Import Custom Ex. Rate USD/ INR: 65.20
 Export Custom Ex. Rate USD/ INR: 63.50