ACN Weekly Report 17 March 2018

Weekly Price Trend: 12-03-2018 to 16-03-2018

• The above given graph focuses on the ACN price trend from 12th March to 16th March 2018.
• After weeks of hike. Now prices are regaining the composure. The incredible rise in last few weeks has been due to supply of chemical in domestic market. This has now become stable as prices are settling down.
• Prices reduced by Rs.40/Kg by end of the week. The closing value for ACN for this week was Rs.160/Kg for Kandla port.

Booking Scenario

The above chart shows the international prices of ACN. CFR India prices of ACN were assessed in the range of USD 2040-2060/MT.

INDIA& INTERNATIONAL

• After an unprecedented hike in values in last few months the domestic values has now reduced for this week. Prices of ACN were assessed around Rs.160/Kg, reduced by Rs.40/Kg for bulk quantity in span of one week.
• CFR India prices of Acrylonitrile were assessed in the range of USD 2040-2060/MT, with no change in compare to last week’s closing values.
• Feedstock Propylene market has also reduced for this week. FOB Korea values were assessed around USD 1015/MT while CFR China values were assessed around USD 975/MT.
• Market sentiments in current scenario continue to remain uncertain. Experts believed that after Lunar holidays market prices will soar up. On contrary there has been constant weakening of prices in China market. Demand from end user has pulled down heavily in turn leading to weakening of prices. This slowdown is expected to last for few more weeks.
• This week oil prices have followed volatile inclination. Oil prices edged higher in choppy trade on Thursday, supported by a pickup in equity markets but pressured by expectations that crude supply will exceed demand later this year.
• On Thursday, closing crude values have increased. WTI on NYME closed at $61.19/bbl; prices have increased by $0.23/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.23/bbl in compared to last trading and was assessed around $65.12/bbl.
• Rising global oil demand, along with supply constraints from the OPEC, has helped keep oil above $60 a barrel.
• As per report, global oil demand is expected to pick up this year but supply is growing at a faster pace, leading to a rise in inventories in the first quarter of 2018. U.S. oil output hit a record 10.38 million barrels per day. OPEC expects to lose market share as output from non-OPEC nations soars.

$1 = Rs. 64.93
Import Custom Ex. Rate USD/ INR: 65.80
Export Custom Ex. Rate USD/ INR: 64.15