Weekly Acetic Acid Report 27th November 2020 28 Nov 20, 10:33 am

Weekly Acetic Acid Report 27th November 2020

Weekly Price Trend: 23-11-2020 to 27-11-2020

There has been rise in domestic prices for Acetic Acid. The rise has been experienced in almost all the petrochemicals for this week.
By end of this week prices were assessed at the level of Rs.39/Kg, for both the ports. Prices have been increased by Rs.3/Kg for this week for both the ports.

Booking Scenario

INDIA & INTERNATIONAL

Domestic prices of Acetic acid were assessed at the level of Rs.39/Kg for this week.
Domestic prices have been increasing this week. The rise in Methanol prices has boosted the prices for Acetic Acid market as well.
CIF India prices were assessed in the range of USD 490-510/MT for this week.
There has been conclusive rise in demand for Acetic Acid in Indian market. The major factor causing the rise in prices is higher feedstock prices coupled with supply-demand fundamentals.
India has been importing huge chunk of Acetic /acid from China.
But due to pandemic there has been slowdown in imports from China. Moreover, the demand for Acetic Acid is highest in the period of Sept-Nov across Asian countries.
Demand for acetic acid from downstream ethyl acetate and PTA remains strong in Taiwan, demand from butyl acetate improves in Southeast Asia, and demand climbs in Indian market as well. Enquiries to China increase as international supply is limited.
Exports orders to China has also increase sharply in Oct-Nov, requiring about 40-60kt of acetic acid.
Indian markets are anxiously waiting for the vaccine. This week three major manufacturers have announced their vaccine efficacy so all are waiting for this vaccine. The Covid is nowhere settling in Indian cities. Major cities have announced curfew in night hours to control the pandemic.
The Indian Prime Minister is expected to make a major announcement in a day or two regarding this pandemic vaccination. However, government has intimated all its efforts to boost the economy.
WTI was down by 69 cents, or 1.5%, at $45.02 by 0104 GMT. U.S. crude prices did not settle on Thursday due to the holiday. Brent crude was up by 9 cents at $47.89, having fallen 1.7% overnight.
Both benchmarks have risen about 6% this week, after AstraZeneca earlier announced that its Covid-19 vaccine could be up to 90% effective, adding to successful trial results of two others under development in the fight to end the worst pandemic in a century. But questions have been raised over the so-called “vaccine for the world” as several scientists have sounded doubts over how robust the results of the trials were.