Weekly Acetic Acid Report 6th November 2020

Weekly Price Trend: 02-11-2020 to 06-11-2020

• The above given graph focuses on the Acetic Acid price trend from 2^nd Nov to 6^th Nov 2020. If we take a quick look at the above given weekly prices, it can be observed that prices have reduced for this week.
• By end of the week prices were assessed at the level of Rs.37/Kg, for both the ports. Prices have lowered by Rs.4/Kg for this week.

Booking Scenario

INDIA & INTERNATIONAL

• Domestic prices of Acetic acid were assessed in the range of Rs.37/Kg for Kandla and for Mumbai ports of India.
• Domestic prices reduced after a row of significant rise in last week. Now prices has settled down and are likely to settle down further. 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 USD450-470/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.
• With upcoming festival in next week the market activities are likely to slowdown in near future.
• Crude market remained subdued for this week. With upcoming Diwali festival in next week the demand remains weak for this week.
• In oil field India has requested OPEC to review its pricing policies for the Asian market and end the premium it puts on its crude for Asia in virtual OPEC-India Dialogue meeting with OPEC Secretary General Mohammad Barkindo on Thursday.
• India depends on OPEC for 78 percent of its crude oil demand, 59 percent of liquefied petroleum gas (LPG) demand, and nearly 38 percent of its liquefied natural gas (LNG) demand, the Indian minister said, noting that India imported US$92.8 billion worth of oil, gas, and petroleum from OPEC members in the 2019-2020 financial year.

1$: Rs. 74.20

Import Custom Ex. Rate USD/ INR: 75.15

Export Custom Ex. Rate USD/ INR: 73.45