Weekly Acetic Acid Report 2 October 2020
Weekly Price Trend: 28-09-2020 to 02-10-2020
- The above given graph focuses on the Acetic Acid price trend from 28th Sept to 2nd Oct 2020. If we take a quick look at the above given weekly prices, it can be observed that prices remained soft-to-stable throughout this week.
- By end of the week prices were assessed at the level of Rs.31-32/Kg, for both the ports. Prices remained unchanged in last few days of the week.
Booking Scenario
INDIA & INTERNATIONAL
- Domestic prices of Acetic acid were assessed in the range of Rs.31-32/Kg for Kandla and for Mumbai ports of India.
- CIF India prices for Acetic Acid were assessed around USD 400-420/MT for this week, there has been no change in prices 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.
- Recently the government of India has given some positive notes to the Indian petrochemical industry.
- COVID-19 pandemic has given ample opportunities to the chemical and petrochemical sector to grow by restoring the business models as demand for items like sanitizers, PPE, masks have increased manifold.
- The vision of Indian PM for Atmanirbhar Bharat and the right steps in this direction will surely help the industry record a massive growth and reduce import dependence on any nation.
- The Indian government is taking major initiatives to promote Atmanirbharta in the chemical and petrochemical sector as its development will have a positive effect on allied industries.
- Most of the international market remained silent for this weekend. China has been observing the national holiday. The first week of October will remain silent in most of the north eastern region. Before holidays, the data released by China market was quite encouraging whereas rest of the Asian countries has been facing tough times.
- Chinese market will remain closed till 8th Oct on occasion of National holiday and Mid-Autumn vacations whereas markets in Taiwan and South Korea will resume operations next week.
1$: Rs. 73.15
Import Custom Ex. Rate USD/ INR: 74.50
Export Custom Ex. Rate USD/ INR: 72.80
