Weekly Acetic Acid Report 30th October 2020
Weekly Price Trend: 26-10-2020 to 30-10-2020
- The above given graph focuses on the Acetic Acid price trend from 26th Oct to 30th Oct 2020. If we take a quick look at the above given weekly prices, it can be observed that prices have remained highly variable for this week.
- By end of the week prices were assessed at the level of Rs.45/Kg, for both the ports. It is expected to lower down further in next week.
Booking Scenario
INDIA & INTERNATIONAL
- Domestic prices of Acetic acid were assessed in the range of Rs.45/Kg for Kandla and for Mumbai ports of India.
- Domestic prices remained highly vulnerable throughout this week as there was shortage of chemical. Non availability of chemical at the ports along with stringent supply from the domestic manufacturers has also affected the prices.
- As week proceeded the so called shortage was absorbed and prices started to settle down in its previous range. CIF India prices for Acetic Acid were assessed around USD 450-470/MT for this week, there has been no change in values for this week.
- Domestic market has been operating at moderate rate this week. Market trends are likely to remain stable due to ongoing festivals across the nation. 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. On contrary domestic Methanol market remained flat for this week.
- The festive season in the country has arrived with positive vibes. With upcoming holiday season and Diwali and ID holidays will add to the fresh buying for the customers. Government data are also showing improvement signs after a long overhaul due to pandemic surge in the country.
- Crude prices has been shrinking in global market since last few days. Prices had swung between parity and a more than 2 percent decline during Friday’s session as the “market is anxious” over renewed lockdowns in Europe and US elections next week.
- The Europe is facing the second wave of Corona and is going for complete lockdown. France entered a new lockdown on Friday as the resurgent coronavirus pandemic increasingly forced other countries to consider following suit, with Europe passing 10 million total infections and the United States posting a daily record of 90,000 cases.
- Europe has again become the epicentre of the pandemic, recording 40 percent more cases this week than the previous seven days, according to an AFP tally.
- India needs to be careful and alert as still the cases in India are second highest in the world.
1$: Rs. 74.10
Import Custom Ex. Rate USD/ INR: 74.25
Export Custom Ex. Rate USD/ INR: 72.55
