Phthalic Anhydride Weekly Report 05 Aug 2017

Weekly Price Trend: 31-07-2017 to 04-08-2017

• The above given graph focuses on the Phthalic Anhydride price trend for current week.
• Like other chemicals domestic prices for PA also increased in this week. Prices were assessed around Rs.71/Kg for Ahmedabad and Rs.69/Kg for Mumbai port. This week there has been hike in the domestic values.

Booking Scenario

Antidumping Duty Country-wise
Israel-USD 139.76/MT Taiwan-USD150.88/MT Korea-USD91.12/MT.
The above chart shows the international prices of Phthalic Anhydride and its comparison from the previous prices.

INDIA & INTERNATIONAL

• Domestic prices were assessed in the range of 71-69/Kg for Ahmedabad and Mumbai port. This week there has been significant hike in the domestic values.
• CFR India Phthalic Anhydride prices were assessed at the level of USD 1040-1060/MT.
• CFR China prices for PA were last assessed at the levels of USD 910-930/MT.
• This week prices followed mixed trend. On Thursday oil prices plunged as watchful buying dried up after U.S. crude rose to nearly $50 a barrel. On Thursday, WTI on NYME closed at $49.03/bbl, prices have decreased by $0.56/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $0.35/bbl in compared to last trading and was assessed around $52.01/bbl.
• Investors are looking forward for OPEC meeting which is to be held next week for fresh insight into the oil cartel's commitment to improve compliance with the deal to curb production.
• However, market participants downplayed the importance of the meeting to be held next week, suggesting oil prices may struggle to sustain the current rising trend.
• According to reports, there will be reluctance in production cuts or a sustained uptick in demand, prices are likely to remain in the low to mid $50s for the remainder of the year. There are signs that the oil industry has adapted to an era of low prices and can produce and operate at levels that would previously have been uneconomic.

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