MEG Weekly Report 26 Aug 2017

Weekly Price Trend: 21-08-2017 to 25-08-2017

• The above given graph focuses on the MEG price trend from 21st August to 25th August 2017.  
• Prices increased significantly for this week. Domestic prices were assessed at the level of Rs.61/Kg for bulk quantity, reduced by Rs.32/Kg for bulk quantity in compare to last week’s closing values.

Total import at various ports in the month of July 2017

The above chart depicts the import of Acetic Acid at various ports of India in the month of July 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 witnessed a decline in values. Prices were assessed at the level of Rs.61/Kg for bulk quantity.
• CFR China values were assessed around USD 840-860/MTS remained unchanged in compare to last week’s assessed values.
• FOB Korea Ethylene values were assessed in the range of 1145-1165/MTS while CFR China values were assessed in the range of USD 1185-1200/MTS.
• This week crude oil prices have remained volatile. On Friday, oil prices rose as the U.S. petroleum industry prepared for potential output disruptions as Hurricane Harvey headed for the heart of the nation’s oil industry in the Gulf of Mexico.  The storm has rapidly intensified since Thursday while On Thursday closing crude values have decreased.WTI on NYME closed at $47.43/bbl, prices have decreased by $0.98/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $0.53/bbl in compared to last trading and was assessed around $52.04/bbl.
• As per report, Prices rose as production in the affected area shut down in preparation for the hurricane, and on expectations that closures could last if the storm causes extensive damage.
• Market players have said that traders expect more upward pressure as the storm gets closer to Texas. Oil prices, however, fell because refiners may use less supply due to the storm.
• It is anticipated that recently oil prices to trade higher on account of support coming from inventory withdrawals in the US. However, Libya’s rising output remains a cause of concern for oil markets.

$1 = Rs. 64.03
Import Custom Ex. Rate USD/ INR: 65.15
Export Custom Ex. Rate USD/ INR: 63.45