Weekly Acetic Acid Report 12th February 2021

Weekly Price Trend: 08-02-2021 to 12-02-2021

• There has been continuous rise in domestic prices in Acetic Acid market this week.
• By end of this week prices were assessed at the level f Rs.65/Kg, for both the ports.
• The rise has been in particular due to tightened supply of the chemical in domestic market. The other reason in particular has been significant rise in Methanol prices in international as well as domestic market.

                                                       Booking Scenario

INDIA & INTERNATIONAL

• Domestic prices of Acetic acid were assessed at the level of Rs.65-66/Kg for this week.
• There has been significant rise in domestic prices of Acetic Acid for this week. Prices increased by Rs.8/Kg in last one week.
• The local demand for Acetic Acid has increased by many folds as festive season is over and local supply has been tightened enough.
• There has been tightened supply of Methanol in domestic market which in turn has affected the Acetic Acid supply as well.
• CIF India prices were assessed in the range of USD 670-690/MT for this week. Prices has increased by USD 30/MT for this week.
• Domestic manufacturer GNFC has increased its Acetic Acid prices by Rs.4/Kg. The new price has been around Rs.67/Kg.
• Oil prices edged higher on Friday, buoyed by hopes for a US stimulus bill, but a weaker demand outlook from OPEC and the International Energy Agency capped gains.
• Brent crude was up 38 cents, or 0.6%, at $61.52 a barrel by 11:06 a.m. ET (1606 GMT) having dropped to a session low of $60.35 earlier. US oil was up 22 cents, or 0.4%, at $58.46 after falling to a session low of $57.41.
• A sharp drop in new COVID-19 cases and hospitalizations buoyed hopes life will eventually return to normal.
• This week, OPEC ratcheted down expectations for global oil demand to recover in 2021, trimming its forecast by 110,000 barrels per day (bpd) to 5.79 million bpd.
• The International Energy Agency (IEA) said oil supply was still outstripping global demand, though COVID-19 vaccines are expected to support a demand recovery.
• Further the number of people who travelled in China ahead of Lunar New Year holidays plummeted by 70% from two years ago as coronavirus restrictions curbed the world's largest annual domestic migration.

1$: Rs. 72.75

Import Custom Ex. Rate USD/ INR: 73.80

Export Custom Ex. Rate USD/ INR: 72.10