Butyl Acetate Weekly Report 30 June 2018

Weekly Price Trend: 25-06-2018 to 29-06-2018

• The above graph focuses on the weekly price trend of Butyl Acetate for the current week.
• Compares to previous week Butyl Acetate prices remained weak for this week.
• Butyl Acetate prices were assessed at the level of Rs.98/Kg for Mumbai and Rs.95/Kg for Kandla ports of India.

Booking Scenario

The above chart shows the international prices of Butyl Acetate and its comparison from the previous prices. These booking prices for CIF India are for 0% duty.

INDIA & INTERNATIONAL

• Butyl Acetate prices increased in the domestic market. Prices were assessed at the level of Rs.98/Kg for Mumbai and Rs.95/Kg for Kandla port for bulk quantity.
• CIF India prices were assessed in the range of USD 1370-1390, reduced by USD 20/MTS  in compare to last week’s closing values.
• The melt down of Indian currency to its lowest level in this week will put oil prices under great pressure for India. Moreover under pressure of US, Indian government has issued to its oil companies to not to make any oil purchase from Iran will further increase the fuel prices in the country. The next week is likely to witness significant bump in fuel prices as well as petchem prices.
• This week crude oil prices have increased heavily. On Thursday oil prices climbed, with U.S. crude hitting a three-and-a-half year high, bolstered by supply concerns due to U.S. sanctions that could cause a large drop in crude exports from Iran.
• On Thursday, closing crude values have increased. WTI on NYME closed at $73.45/bbl; prices have increased by $0.69/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.23/bbl in compare to last closing price and was assessed around $77.85/bbl.
• On Friday, oil prices dipped amid escalating trade friction between the United States and other major economies, although crude markets remain tight due to supply disruptions and generally high demand.
• As per market report, oil prices have rallied for much of 2018 on tightening market conditions due to record demand and voluntary supply cuts led by OPEC and other producers including Russia. Unplanned supply disruptions from Canada to Libya and Venezuela also have supported prices.
• OPEC plus meetings was that those countries with spare capacity would increase production to keep the market well-supplied."an incremental 1 million bpd from this group is feasible in July" and that this would offset the expected drop in Iranian exports and other declines elsewhere during the second-half of the year.

$1 = Rs. 68.47
Import Custom Ex. Rate USD/ INR: 69.10                       
Export Custom Ex. Rate USD/ INR: 67.40