ACN Weekly Report 22 April 2017

Weekly Price Trend: 17-04-2017 to 21-04-2017

• The above given graph focuses on the ACN price trend from 17th April to 21st April 2017.  In compare to last week’s closing values there has been no change in the domestic prices.
• Domestic prices were assessed at the level of Rs.114/Kg for bulk quantity.

Total import at Kandla port in the month of March 2017

The above chart depicts the import of ACN at Kandla port of India in the month of March 2017.

Booking Scenario

The above chart shows the international prices of ACN. CFR India prices of ACN were assessed in the range of USD 1355-1375/MT.
INDIA& INTERNATIONAL

• Domestic prices of ACN remained unchanged for this week. Prices were assessed at the level of Rs 114/Kg for bulk quantity.
• CFR India prices of Acrylonitrile were assessed in the range of USD 1355-1375/MT, with an increase of USD 15/MT in compare to last week’s closing values.
• Ineos Nitriles has lifted its ban on supply of ACN to European nations. The ban was lifted after restarting of production from its Seal Sands, UK and Cologne, Germany plants in March end. Earlier the unit was shut down abruptly in March on back of technical issues.  
• This shutdown at Seal Sands lasted three weeks and affected the entire 280,000 mt/year plant while the maintenance at Cologne was planned to last for 10-12 days on the smaller of the plant's two lines, accounting for 100,000 mt/year of total ACN production capacity of 340,000 mt/year.
• This week oil prices followed mixed trend. On Wednesday oil slumped after U.S. data showed a smaller-than-expected drop in overall crude stocks and a surprising build in gasoline inventories, which raised worries about excessively high global supply.
• According to reports, the surprise builds in gasoline, along with an increase in U.S. production and imports from OPEC nations, pressured prices. With just weeks to go before OPEC and other producers have to sign off on a new deal to hold down production. OPEC technical staff this month is expected to make a recommendation on whether to extend the cuts, and OPEC's monitoring committee meets the day before OPEC's May 25 meeting.
• Market players have said that to prevent a further ballooning in supplies, some OPEC producers including Saudi Arabia and Kuwait are lobbying to extend the pledge to cut production beyond June.
• On Thursday, closing crude values have remained mixed.WTI on NYME closed at $50.27/bbl, prices have decreased by $0.17/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.06/bbl in compared to last trading and was assessed around $52.99/bbl.

$1 = Rs. 64.61
Import Custom Ex. Rate USD/ INR: 65.55
Export Custom Ex. Rate USD/ INR: 63.85