C9 Weekly Report 29 July 2017

Weekly Price Trend: 24-07-2017 to 28-07-2017

• The above given graph focuses on the C9 price trend for the current week.
• Domestic prices of C9 remained unchanged for this week. Prices were assessed at the level of Rs.44.5/Kg for bulk quantity by closing of market.

Booking Scenario

INDIA& INTERNATIONAL

• Domestic prices remained unchanged for this week. Prices were assessed at the level of Rs.44.5/Kg for bulk quantity.
• There has been no change in international prices in compare to last week’s closing values. CIF India prices were assessed at the level of USD 620-640/MTS.

• CIF India prices of Acetic acid were assessed around USD 370-390/MTS, with a decline of USD 20/MTS in compare to last week’s closing values. The overall market trend remained volatile throughout this week with majority of chemicals witnessing slowdown in international values.
• There has been glut in supply as majority of the states are receiving heavy showers. Gujarat has been worst affected due to heavy rainfall. All the major highways an railways have been affected by water logging. Rescue operation is all around the state is going on. The situation will take few more days to return to its normal pace.

• This week oil prices floated on positive trend. On Thursday oil prices closed on 8 week high levels on a hope that a steeper-than-expected decline in U.S. crude oil inventories will pull down global oversupply. On Thursday, closing crude values have increased.WTI on NYME closed at $49.04/bbl, prices have increased by $0.29/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.52/bbl in compared to last trading and was assessed around $51.49/bbl.
• As per report, U.S. crude stocks fell sharply last week as refineries increased output and imports declined, while gasoline stocks decreased and distillate inventories fell.
• Some players believe that the long-oversupplied market is moving towards balance which was also supported by news that Saudi Arabia plans to limit crude exports to 6.6 million barrels per day (bpd) in August, about 1 million bpd below the level last year.
• Some producers announced plans to cut spending this year as a result of low oil prices. But analysts say oil prices may have little room to head higher as recent gains could encourage more output, particularly from U.S. shale producers with low costs. The market will likely be paying even more attention to drilling activity in the U.S. in the coming weeks.

$1 = Rs. 64.16
Import Custom Ex. Rate USD/ INR: 65.20
Export Custom Ex. Rate USD/ INR: 63.50