ACN Weekly Report 26 May 2018

Weekly Price Trend: 21-05-2018 to 25-05-2018

• The above given graph focuses on the ACN price trend from 21st May to 25th May 2018.
• Domestic prices reduced for this week. Prices were assessed around Rs.145/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 2010-2030/MT.

INDIA& INTERNATIONAL

• Prices of ACN were assessed around Rs.144Kg, reduced by Rs.4/Kg in this week. The weakened supply in international market has led to hike in domestic values.
• CFR India prices of Acrylonitrile were assessed in the range of USD 1990-2010/MT, reduced by reduced by USD 20/MT in compare to last week’s closing values.
• Feedstock Propylene market increased for this week. FOB Korea values were assessed around USD 1075/MT while CFR China values were assessed around USD 1125/MT while CFR SEA values assessed around USD 1000/MT.
• This week oil prices have followed volatile trend. On Thursday, prices plunged, by the prospect of the first increase in OPEC output since 2016 in the face of concern over supply from both Venezuela and Iran, while a surprise rise in U.S. crude inventories raised doubt over seasonal demand.
• On Thursday, closing crude values have decreased. WTI on NYME closed at $70.71/bbl; prices have decreased by $1.13/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $1.01/bbl in compared to last trading and was assessed around $78.79/bbl.
• This discussion about possible OPEC supply increases after the June meeting has put a brake on the oil price for the time being, so $80 is a big hurdle to overcome. If prices get above there, that will further intensify and increase the likelihood that OPEC will do something. It's going to be very difficult to overcome this level on a sustainable basis before the OPEC meeting.
• As per report, the OPEC may decide at its meeting in June to increase oil output to make up for reduced supply from Iran and Venezuela and in response to concerns from Washington over a rally in oil prices. OPEC and some non-OPEC major oil producers are scheduled to meet in Vienna on June 22.

$1 = Rs. 67.75
Import Custom Ex. Rate USD/ INR: 68.65
Export Custom Ex. Rate USD/ INR: 66.95