ACN Weekly Report 11 March 2017

Weekly Price Trend: 06-03-2017 to 10-03-2017

• The above given graph focuses on the ACN price trend from 6th March to 10th March 2017.  In compare to last week’s closing values there has been heavy rise in domestic values.
• Domestic prices were assessed at the level of Rs.121/Kg, hike of Rs.8/Kg for bulk quantity.

Booking Scenario

The above chart shows the international prices of ACN. CFR India prices of ACN were assessed in the range of USD 1440-1460/MT.
INDIA& INTERNATIONAL

• Domestic prices of ACN increased significantly for this week. Prices were assessed at the level of Rs 121/Kg for bulk quantity.
• CFR India prices of Acrylonitrile were assessed in the range of USD 14440-1460/MT, with no change in compare to last week’s closing values.
• Jilin Petrochemical is planning to shut its ACN unit no1 and no.2 for maintenance turnaround. The company has not specified the exact date for maintenance and for how long the units will remain off-stream.  The two units have the combined production capacity of 1,18,000 mt/year.
• There has been toppling of crude values in this week. In last five days US oil prices  plunge by 7.5% while Brent oil sink by 6.6% as record U.S. crude inventories fed doubts about whether OPEC-led supply cuts would reduce a global glut.
• According to reports, declining oil prices have helped U.S. and global energy companies to get back into the investing mode but yet experts believe that there's not enough money going into longer-term projects and if things don't change, oil prices could spike and supply could be short.
• Market players foresee for OECD oil stocks to decline significantly this year will help the large OPEC cuts and robust global demand growth, to consider the recent drop in crude oil prices to be a good opportunity to enter into bullish option structures.
• On Thursday, closing crude values have plunged.WTI on NYME closed at $49.28/bbl, prices have decreased by $1.00/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $0.92/bbl in compared to last trading and was assessed around $52.19/bbl.

$1 = Rs. 66.60
Import Custom Ex. Rate USD/ INR: 67.65
Export Custom Ex. Rate USD/ INR: 66.00