Weekly Acetic Acid Report 8th January 2021

Weekly Price Trend: 04-01-2021 to 08-01-2021

• There has been continuous variability in domestic prices in Acetic Acid market this week.· By end of this week prices were assessed at the level of Rs.48/Kg, for both the ports.
• Prices has declined to its highest levels and are likely to remain weak for the next few days.

 Booking Scenario

INDIA & INTERNATIONAL

• Domestic prices of Acetic acid were assessed at the level of Rs.47-48/Kg for this week.
• In last ten days’ prices has decline significantly in Indian market as upraise earlier was quite high. The local demand for Acetic Acid has also settled down and prices are heading towards their original level in domestic market.
• CIF India prices were assessed in the range of USD 500-520/MT for this week. Prices has reduced by USD 60/MT for this week.
• Crude prices have been edging higher throughout this week. There has been highly positive start for crude prices this year with solid gains after Saudi Arabia unexpectedly pledged to cut additional production, rally in global equity markets, jump in treasury yields, and a sharp decline in US crude stockpiles.
• Crude oil prices surged above $52 per barrel witnessing strong buying on-demand recovery hopes and lower supply expectations. The boost in the crude oil prices came after Saudi Arabia voluntarily pledged to cut oil output by 1 mb per day after OPEC plus nations left the oil output quota unchanged. Crude oil prices were supported by risk-on sentiments with strong equity indices and recovery in US bond yields.
• The vaccine rollouts in some parts of the world and beginning of the emergency use of a vaccine in many countries has also boosted prospects of oil demand recovery
• Prices rallied significantly during the trading session on Friday, as it has broken the level of $ 55 mark. The market is likely to continue to see a lot of bullish pressure.

1$: Rs. 73.24

Import Custom Ex. Rate USD/ INR: 74.00

Export Custom Ex. Rate USD/ INR: 72.30