Weekly Acetic Acid Report 5th February 2021
Weekly Price Trend: 01-02-2021 to 05-02-2021
- 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.58-60/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.59-60/Kg for this week.
- There has been significant rise in domestic prices of Acetic Acid for this week. Prices increased by Rs.4/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 640-660/MT for this week. Prices has increased by USD 20/MT for this week.
- China market remained dull and most of the market activities remained subdued. The country will celebrate Lunar holidays for around ten days where most of the work will remain close.
- Continuous rising of prices has been quite hampering the economies of South Asian countries. Recently Indian Oil minister has slammed the decision of OPEC to cut down the production of oil. He said efforts at artificially distorting prices will have a dampening effect on the fragile global economic recovery that is underway.
- India relies on imports for more than 80 percent of its oil consumption. Like most other economies across the globe, Asia’s third-largest economy suffered a fallout from the pandemic, making it particularly vulnerable to oil price changes that benefit exporters. Its oil demand declined last year for the first time in two decades as a result of the pandemic. However, demand has been on the mend since the second half of last year, driven by higher fuel demand.
1$: Rs. 72.92
Import Custom Ex. Rate USD/ INR: 73.80
Export Custom Ex. Rate USD/ INR: 72.10
