Acetic Acid Weekly Report 19 June 2020

Weekly Price Trend: 15-06-2020 to 19-06-2020

• The above given graph focuses on the Acetic Acid price trend from 15^th June to 19^th June 2020. If we take a quick look at the above given weekly prices, it can be observed that prices has reduced significantly for this week.
• By end of the week prices were assessed at the level of Rs.24.5/Kg, reduced by Rs.4.5/Kg for this week.

Booking Scenario

INDIA& INTERNATIONAL 

• Domestic prices of Acetic acid were assessed around Rs.24.5/Kg for Kandla and for Mumbai ports of India.
• CIF India prices for Acetic Acid were assessed around USD 400-420/MT for this week, reduced by USD 40/MT for this week.
• There has been big slump in crude prices for this week. Oil prices crashed by 7 percent on Thursday, after the EIA reported on Wednesday.
• On Wednesday, closing crude values have decreased. WTI on NYME closed at $37.96/bbl. Prices have decreased by 0.42/bbl in compared to last closing prices. While Brent on Inter Continental Exchange is decreased by 0.25/bbl in compare to last closing price and was assessed around $40.71/bbl.
• Fears of a second wave of coronavirus pandemic and escalating global geopolitical tensions continue to support gold’s haven demand. Meanwhile, hopes of a quick economic recovery and a steady dollar are likely to limit major upsides.
• The face-off between India and China has been the talk of discussion throughout this week.
• The tight situation on the borders has affected the peace among two nations and the situation is likely to last for a while.
• China is one of the biggest exporters of petrochemical to India. If tensions continued then there will be major impact on petrochemical imports from China.
• Asian petrochemical lowered heavily while oil prices declined on Monday over revival of news cases and fears of a second coronavirus wave in view of recent spikes in the US and China.
• "US COVID-19 remains on the radar as infection cases topped 2mln while many states in US like Texas, Arizona, Florida, North Carolina, are experiencing rising COVID-19 infection increasing ICU utilization, even as the states are undertaking plans to reopen their economies," Singapore-based UOB Global Economics & Markets Research said.
• Global cases of the coronavirus are approaching 8m, with India's cases surpassing 300,000 on Sunday, according to latest World Health Organization (WHO) data.
• China on 13 June imposed lockdowns in parts of Beijing following evidence of a new virus cluster at one of its districts.
• All the economies around the world are worried and are under great pressure due to Covid 19.
• Asian petrochemical lowered heavily while oil prices declined on Monday over revival of news cases and fears of a second coronavirus wave in view of recent spikes in the US and China.
• "US COVID-19 remains on the radar as infection cases topped 2mln while many states in US like Texas, Arizona, Florida, North Carolina, are experiencing rising COVID-19 infection increasing ICU utilization, even as the states are undertaking plans to reopen their economies," Singapore-based UOB Global Economics & Markets Research said.
• Global cases of the coronavirus are approaching 8m, with India's cases surpassing 300,000 on Sunday, according to latest World Health Organization (WHO) data.
• China on 13 June imposed lockdowns in parts of Beijing following evidence of a new virus cluster at one of its districts.
• All the economies around the world are worried and are under great pressure due to Covid 19. 

PLANT NEWS 

Acetic unit restarted by Shanghai Wujing for maintenance

• China based Shanghai Wujing has shut down its no 2 unit of Acetic Acid for maintenance turnaround in the second week of May 2020. Now the unit has resumed its production after brief maintenance schedule.
• Unit is based at Wujing in Shnaghai province of China and has the production capacity of unit no1 around 2,50,000 tonnes/year. 

Acetic Acid shutdown by Henan ShunDa

• China’s Henan ShunDa Chemical Technology Co has shutdown its Acetic Acid unit last weekend for annual maintenance. The plant is scheduled to remain off-stream for around three weeks.
• Unit is based at Zhumadian in Henan province and has the production capacity of 300,000 tonne/year. 

1$: Rs. 76.10

Import Custom Ex. Rate USD/ INR: 77.05

Export Custom Ex. Rate USD/ INR: 75.35