Acetic Acid Weekly Report 15 November 2019
Weekly Price Trend: 10-10-2019 to 15-11-2019
- The above given graph focuses on the Acetic Acid price trend from 11th Nov to 15th Nov 2019. If we take a quick look at the above given weekly prices, it can be observed that prices has remained stable for most of the week.
- By end of the week prices were assessed at the level of Rs.33/Kg, slightly improved in this week.
Booking Scenario
INDIA& INTERNATIONAL
- Domestic prices of Acetic acid were assessed around Rs.33/Kg for Kandla and for Mumbai port of India.
- CIF India prices for Acetic Acid were assessed around USD 460-480/MT, with no change in values for this week.
- Prices for Methanol on other side remained unchanged for this week. CFR India prices were assessed at the level of USD 213/MT, with no change in prices for this week.
- Global oil supply could continue to rise at a rapid pace in 2020, surpassing the increase in demand. According to new figures from the International Energy Agency (IEA), non-OPEC supply could expand by a staggering 2.3 million barrels per day (mb/d), nearly double the expected increase in demand at 1.2 mb/d.
- That forecast doesn’t just depend on substantial growth from U.S. shale (although it does), but also on expected increases from Brazil, Norway and Guyana.
- The surge in output complicates OPEC+’s task as Vienna approaches. The production cuts are currently set to expire at the end of March 2020, but the group is widely expected to extend that agreement through the end of the year.
- “The hefty supply cushion that is likely to build up during the first half of next year will offer cold comfort to OPEC+ ministers gathering in Vienna at the start of next month,” the IEA said. “However, a continuously well-supplied market will lend support to a fragile global economy.”
1$: Rs. 71.83
Import Custom Ex. Rate USD/ INR: 72.00
Export Custom Ex. Rate USD/ INR: 70.30
