Acetic Acid Weekly Report 1 March 2019
Weekly Price Trend: 25-02-2019 to 01-03-2019
- The above given graph focuses on the Acetic Acid price trend from 25th February to 1st March 2019. If we take a quick look at the above given weekly prices, it can be observed that prices remained soft to stable in domestic market.
- Initially prices remained firm but by end of the week there was decline in domestic values. By end of this week, prices were assessed at the level of Rs.35/Kg for Kandla and for Mumbai port for bulk quantity.
Booking Scenario
INDIA& INTERNATIONAL
- Domestic prices of Acetic acid were assessed around Rs.35/Kg for Kandla and for Mumbai port of India. This week domestic further reduced in domestic market.
- CIF India prices for Acetic Acid were assessed around USD 360-380 reduced by USD 30/MT in compare to last week’s closing values.
- Major producer Celanese on 1 February announced a $90/tonne hike on acetic acid in Asia outside China.
- Prices for Methanol have remained vulnerable since last few weeks has also affected the Acetic Acid values in domestic as well as international market. CFR India Methanol prices were assessed at the level of USD 295/MT.
- India has increased imports of Acetic Acid from China. As Methanol units are likely to go off-stream this month so demand has become more firm in the Indian market. Many units of Acetic Acid will go under maintenance in china as well.
- The ongoing border tensions and war like situations between India and Pakistan had an adverse impact on Indian trade relation with neighbouring nation. Moreover such heinous attacks affect the economy of the country as well.
- Oil prices rose on Friday as markets tightened amid output cuts by producer club OPEC, but surging U.S. supply and a global economic slowdown prevented crude from climbing further.
- In Venezuela, oil exports have plunged by 40 percent to around 920,000 barrels per day (bpd) since the U.S. government slapped sanctions against its petroleum industry on Jan. 28.
- This drop comes as the Organization of the Petroleum Exporting Countries (OPEC), of which Venezuela is a founding member, has led efforts since the start of the year to withhold around 1.2 million bpd of supply to prop up prices.
- Moreover the weak results from China has also affected the global economy. China's February factory activity fell for a third month as the world's second-largest economy continued to struggle with weak export orders, a private survey showed on Friday
Plant News
Acetic Acid unit to be shut down by Henan Shunda Chemical
- Henan Shunda Chemical Technology Co. has shut down its Acetic acid unit for maintenance turnaround. The unit was shut down on 26th February and is likely to remain off-stream for around one week. The unit was shut down on back of some mechanical issues in the operation.Unit is based at Zhumadian, Henan, China and has the production capacity of 4,00,000 tonnes/year.
Acetic Acid unit to be shut down by BP YPC Acetyls Co (BYACO)
- China based BP YPC CO has announced its plant to shut down Acetic Acid unit for maintenance turnaround. The unit is likely to go off-stream next month and is expected to remain off-stream for around one month. Unit is based at Jinagsu province of China and has the production capacity of 5,00,000 tonnes/year.
1$: Rs. 70.85
Import Custom Ex. Rate USD/ INR: 72.00
Export Custom Ex. Rate USD/ INR: 70.30
