ACN Weekly Report 03 Feb 2018

Weekly Price Trend: 29-01-2018 to 02-02-2018

• The above given graph focuses on the ACN price trend from 29th Jan to 2nd Feb 2018. In compare to last week’s closing values there has been slowdown in domestic values for this week.
• Domestic prices increased significantly last week due to limited supply of chemical in the international market.

Booking Scenario

The above chart shows the international prices of ACN. CFR India prices of ACN were assessed in the range of USD 1850-1870/MT.

INDIA& INTERNATIONAL

• After an unprecedented hike in values in last few months the domestic values has been increased further last week. Prices of ACN were assessed around Rs.150/Kg, increased by Rs.12/Kg for bulk quantity in span of one week.
• CFR India prices of Acrylonitrile were assessed in the range of USD 1850-1870/MT, increased by USD 10/MTS in compare to last week’s closing values.
• With announcement of budget 2018 on Thursday, the petrochemical sector of India has remained subdued. With upsurge in crude values in international market and increasing currency rate are symptoms for weak economic growth and slowdown in economic development.
• This week oil prices have followed volatile trend. Goldman Sachs on Thursday raised its 2018 oil price forecasts, projecting that Brent crude will soon top $80, fueled by blockbuster oil demand, a deal among big producers to limit output and U.S. drillers' inability to meet the world's growing energy appetite.
• On Thursday, closing crude values have increased. WTI on NYME closed at $65.80/bbl; prices have increased by $1.07/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.03/bbl in compared to last trading and was assessed around $69.08/bbl.
• On Friday oil prices showed strong compliance with output cuts by OPEC and others including Russia, offsetting concerns about surging U.S. production.
• Goldman recently raised its 2018 forecast for oil demand growth to 1.86 million barrels a day from 1.73 million barrels a day. it introduced its 2019 demand forecast at 1.6 million barrels a day but said economic growth around the world means consumption could be even stronger.

$1 = Rs. 64.06
Import Custom Ex. Rate USD/ INR: 64.50
Export Custom Ex. Rate USD/ INR: 62.85