Weekly Acetic Acid Report 22nd January 2021

Weekly Price Trend: 18-01-2021 to 22-01-2021

• 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 of Rs.56/Kg, for both the ports.
• The rise has been in particular due to tightened supply of the chemical in domestic market.

Booking Scenario

 INDIA & INTERNATIONAL

• Domestic prices of Acetic acid were assessed at the level of Rs.56-57/Kg for this week.
• There has been significant rise in domestic prices of Acetic Acid for this week. Prices increased by more than rs.10/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 580-600/MT for this week. Prices has increased by USD 40/MT for this week.
• Domestic manufacturer GNFC has also increased its Acetic Acid prices by Rs.5.50/KG. New prices are Rs.52/Kg +GST.
• Vaccination drive across the nation has elevated the mood in Indian domestic market. Moreover, compare to other nations there has been significant decline in the number of new cases for Corona virus which has further improved the market sentiments.
• Recently Indian stock Exch. Also crossed the mark of 50,000 points which was again god sign for the Indian economy.
• Markets are likely to remain bullish in countries like China as Lunar vacation is approaching soon.
• In crude market the demand is likely to face tough time as new strain Corona has been spreading fast in UK and other European nations. Countries like Japan, Germany and UK has already reintroduced the restrictions and some has also imposed complete lockdown again.
• On other side Saudi Arabia has announced its plant to cut the production by 1mn bbl/day in the month of February and March.

1$: Rs. 72.97

Import Custom Ex. Rate USD/ INR: 73.85

Export Custom Ex. Rate USD/ INR: 72.10