MEG Weekly Report 05 Aug 2017

Weekly Price Trend: 17-07-2017 to 21-07-2017

• The above given graph focuses on the MEG price trend from 17th July to 21st July 2017.  
• Prices remained unchanged for this week. Domestic prices were assessed at the level of Rs.59/Kg for bulk quantity with no change in compare to last week’s closing values.

Total import at various ports in the month of June 2017

The above chart depicts the import of Acetic Acid at various ports of India in the month of June 2017.

Booking Scenario

The above chart shows the international prices of MEG and its comparison from the previous prices.
INDIA & INTERNATIONAL

• This week domestic prices remained unchanged. Prices were assessed at the level of Rs.59/Kg for bulk quantity.
• Some correction was seen in the values after last week’s heavy gain. CFR China values were assessed around USD 825-845/MTS reduced by USD 20/MT in compare to last week’s assessed values.
• CFR SEA prices for MEG were assessed around USD 830/MT for this week decreased by USD 20/MTS in one week. FOB Korea values for Ethylene was assessed around USD 890/MTS remained unchanged while CFR China values for Ethylene were assessed around USD 925/MTS.
• This week oil prices have followed volatile trend in the market. Oil prices jumped more than 1 percent on Wednesday after a U.S. report showed a bigger weekly draw than forecast in crude and gasoline stocks along with a surprise drop in distillate inventories. 
• On Thursday, oil settled lower in uneven trading. Closing crude values have decreased.WTI on NYME closed at $46.92/bbl, prices have decreased by $0.40/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $0.40/bbl in compared to last trading and was assessed around $49.30/bbl.
• Russia is ready to continue working with OPEC to help rebalance oil markets, Moscow welcomed a flexible approach by OPEC's leader Saudi Arabia to accommodate rising output from Nigeria and Libya, said by source.
• Market players predicted that prices would hold near current levels ahead of Monday's meeting between key OPEC and non-OPEC producers in St. Petersburg, Russia. The market has been watching reports that Saudi Arabia, the world's largest crude producer, is considering an additional supply cut to reduce the global glut.
• Last week Ethylene plant no 2 was shut down due to technical issues. Now the operations has resumed to its normal level.  The EU2 has a production capacity of 850,000 metric tons annually and is owned by The Kuwait Olefins Company, TKOC, part of the EQUATE Group.
• Hanwha Total has shut down its naphtha cracker due to power outages caused by a lightning strike. It happened in afternoon with no causalities being reported. The lightning strike happened in the afternoon at its plant in Daesan, some 130 kilometres (about 81 miles) southwest of Seoul, a company spokesman said. It was unclear when the 1 million tpa naphtha cracker would restart.

1$ : Rs. 63.58 
Import Custom Ex. Rate USD/ INR: 64.55
Export Custom Ex. Rate USD/ INR: 62.85