Weekly Acetic Acid Report 16th October Report 2020 19 Oct 20, 10:36 am

Weekly Acetic Acid Report 16th October Report 2020

Weekly Price Trend: 12-10-2020 to 16-10-2020

The above given graph focuses on the Acetic Acid price trend from 12^th Oct to 16^th Oct 2020. If we take a quick look at the above given weekly prices, it can be observed that prices has improved significantly for this week.
By end of the week prices were assessed at the level of Rs.35/Kg, for both the ports. Prices has improved significantly for this week.

Booking Scenario

INDIA & INTERNATIONAL

Domestic prices of Acetic acid were assessed in the range of Rs.34-35/Kg for Kandla and for Mumbai ports of India.
CIF India prices for Acetic Acid were assessed around USD 450-470/MT for this week, there has been increase of USD 20/MT for this week.
Domestic market has been operating at moderate rate this week. Although the global pandemic continues to affect the market consumers and manufacturers.
There was mixed trend in Acetic Acid market as prices continued to fluctuate throughout this week. The rising prices pf Methanol in global Asian market has been affecting the pricing of Acetic Acid in global market.
Indian government is working hard to provide more relaxations and financial help to the industry to overcome the adversities of pandemic. The steps include advance payment of a part of the wages of central government employees and allowing government employees to spend tax-exempt travel allowances on goods and services. All these measures are likely to create an additional demand of 730 billion rupees ($10bn).
The Indian government will shore up investment by spending extra rupee (Rs) 250bn on roads, ports and defense projects, and offering Rs120bn rupees in interest-free 50-year loans to state governments for spending on infrastructure before 31 March 2021.
The other major issue hurting Indian government is the over increasing number of Covid cases. Number of cases are expected to increase more and likely to exceed those in the US in the next few weeks given the rapid surge in infections in the past two months - 3m cases in September and 2m in August.
The Reserve Bank of India kept its policy repurchase (repo) rate unchanged at 4.0% on 9 October, in line with market expectations and the second time that the central bank has kept its rates unchanged following the 40 basis points cut on 22 May this year.
The emerging market giant is hurting from continued spikes in coronavirus infections - which constrain domestic economic activity - and a lacklustre external environment.
China based Hebei Yingdu Gasification Co has restarted its Acetic Acid unit after a brief round of maintenance. Earlier the unit was shutdown for annual maintenance.
Unit is based at Kingboard Hebei Industrial Park in Hebei and have the production capacity of 50,000 tonnes/year.