ACN Weekly Report 20 Oct 2018
Weekly Price Trend: 15-10-2018 to 19-10-2018
- The above given graph focuses on the ACN price trend from 15th Oct to 19th Oct 2018.
- Domestic prices soft-to-stable for this week. There has slight weakening of domestic values. Although prices remained stable in compare to last week’s closing values. Prices were assessed around Rs.164/Kg for bulk quantity by end of the week 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 2130-2150/MT.
INDIA& INTERNATIONAL
- Prices of ACN were assessed around Rs.164/kg, reduced by Rs.1/Kg in compare to last week’s closing values.
- CFR India prices of Acrylonitrile were assessed in the range of USD 2130-2150/MT, reduced by USD 20/MT in compare to last week’s closing values.
- Propylene market remained firm for this week. FOB Korea values were assessed around USD 1135/MT, remained unchanged for this week.
- There has been significant decline in crude prices in last two weeks. Prices plunged by more than 11 % in last two weeks. Oil prices rose to nearly four-year highs at the start of October as there has been depletion in crude supply sue to US sanctions on Iran.
- Rising U.S. crude stockpiles, forecasts for slower-than-expected demand growth and a sell-off in stock markets have weighed on crude futures.
- The supply of oil held in U.S. storage tanks has risen sharply over the last four weeks. U.S. crude stockpiles are up by 22.3 million barrels through last week. That's the biggest increase over that four-week period since 2015, when storage levels were rising toward all-time highs in a heavily oversupplied market.
- The market remains uncertain about the ability of producers such as Saudi Arabia and Russia to fill the gap left by the loss of roughly 1 million barrels a day of Iranian exports. Analysts say the market is deeply cynical that Riyadh would cut output and push oil prices higher to settle a political score.
$1 = Rs. 73.32
Import Custom Ex. Rate USD/ INR: 74.30
Export Custom Ex. Rate USD/ INR: 72.60
