ACN Weekly Report 18 March 2017

Weekly Price Trend: 13-03-2017 to 17-03-2017

• The above given graph focuses on the ACN price trend from 13th March to 17thMarch 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 1650-1670/MT.
INDIA& INTERNATIONAL

• Domestic prices of ACN decreased significantly for this week. Prices were assessed at the level of Rs 115/Kg for bulk quantity.
• CFR India prices of Acrylonitrile were assessed in the range of USD 1650-1670/MT, with an increase of USD 210/MT in compare to last week’s closing values.
• This week oil prices remained mixed with heavy fluctuation throughout the week. On Thursday oil prices plunged after a heavy leap as rising output from the U.S. remained a threat to efforts by other major producers to rebalance the market. Oil prices continued to find some support, while on wednesday prices declined due to heavy supply along with weakening of dollar on back of the Federal Reserve’s less-hawkish-than-expected rate announcement.
• According to reports, Global oil inventories rose for the first time in six months in January, despite the OPEC agreement. Iraq is planning to boost output later in the year even as the OPEC member reaffirmed its commitment to the group’s decision to cut production to counter a global glut.
• Some market players believe that in near term crude oil prices are likely to trade positive on the back of surprise drawdown in U.S. crude inventories.
• On Thursday, closing crude values have decreased.WTI on NYME closed at $48.75/bbl, prices have decreased by $0.11/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $0.07/bbl in compared to last trading and was assessed around $51.74/bbl.
• The strong mandate of state elections last week will have a significant impact on economic reforms in the country and will boost it to higher level. This in turn has led to strengthening of Indian currency against dollar and has improved to its highest level in last two years. This will certainly have positive effect on petchem sector as majority of the petrochemical is being imported in the country.

$1 = Rs. 65.46
Import Custom Ex. Rate USD/ INR: 66.20
Export Custom Ex. Rate USD/ INR: 64.50