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Acetic Acid Weekly Report 22 Sep 2018

Weekly Price Trend: 17-09-2018 to 21-09-2018

  • The above given graph focuses on the Acetic Acid price trend from 17th Sept 2018 to 21st Sept 2018. If we take a quick look at the above given weekly prices, it can be observed that prices remained volatile for this week.
  • Prices for Acetic Acid remained soft for this week. With continuous variability in crude values prices and depreciating currency has affected domestic market significantly.
  • By end of this week, prices were assessed at the level of Rs.55/Kg for Kandla and for Mumbai port for bulk quantity.

Total imports of Methanol in the month of August 2018

The above chart depicts the total import of Acetic Acid at various ports of India in the month of August 2018.

Booking Scenario

INDIA& INTERNATIONAL

  • Domestic prices of Acetic acid assessed around Rs.55/Kg for Kandla and for Mumbai port of India. Prices have remained vulnerable throughout this week.
  • In last few weeks there has been significant fluctuation in crude values. Although the hike in values settled by end of the week.  Prices for petrochemicals continue to follow the crude prices trend.
  • Acetic Acid values also follow the pricing trend of Methanol. Since last two weeks Methanol prices in domestic market remained firm with no change. CIF India values for Methanol were assessed around USD 365/MT. This has led to slowdown in Acetic Acid values.
  • Although Indian currency continues to depreciate but now market is trying to digest the depreciation. At present shortage is not felt but the real confusion will happen only after complete imposition of sanctions by US against Iran imports.
  • With imposition of US tariffs on China the impact will be hurting the economies of the Asian countries. The effect will come into existence on 24 of this month. Still international market is yet to digest this sanctions, the US government has come up with fresh set of tariffs. The current tariffs are 10% and will rise to 25% from 1st Jan 2019.
  • China in response to July sanctions has already imposed tariffs on imports from US. They may plant to retaliate further with this new announcement.
  • There are many chemical products which are included in the $200 bn list of tariffs. Benzene, Phenol, Toluene, Petroleum Oils, Ethylene ,Propylene, o xylene, mixed xylene, para xylene, styrene, cumene methanol are some of the crucial chemicals listed in this list.
  • To retaliate back China will soon put forth its own lists of products. China has previously announced a 5%-25% tariffs on $60bn worth of US goods as its countermeasure to a further tariff action by the US. The US President has already announced it will impose tariffs on further $267bn worth of Chinese goods if China chose to retaliate again.
  • Crude prices are making new heights. On Thursday prices slightly eased with US president urging OPEC to bring prices down. Experts believe that Brent will soon cross the mark of USD 80 after gap of four years. US President would least want the crude prices to go high with mid election in next few months.
  • The Iranian sanctions are making hard for the Asian countries which are the consumers of Iranian crude. Many buyers have already cut Iranian purchases ahead of the new regulations. It is unclear whether producers such as Saudi Arabia, Iraq and Russia can compensate for lost supply.
  • The Organization of the Petroleum Exporting Countries and other producers, including Russia, meet on Sunday in Algeria to discuss how to allocate supply increases to offset the loss of Iranian barrels.

 

1$ : Rs. 72.19
Import Custom Ex. Rate USD/ INR: 73.65
Export Custom Ex. Rate USD/ INR: 71.95