Acetic Acid Weekly Report 31 January 2020

Weekly Price Trend: 27-01-2020 to 31-01-2020

• The above given graph focuses on the Acetic Acid price trend from 27^th Jan to 31^st Jan 2020. If we take a quick look at the above given weekly prices, it can be observed that prices remained firm in this week.
• By end of the week prices were assessed at the level of Rs.31/Kg, significantly improved in this week.

Booking Scenario

INDIA&INTERNATIONAL

• Domestic prices of Acetic acid were assessed around Rs.31/Kg for Kandla and for Mumbai port of India.
• CIF India prices for Acetic Acid were assessed around USD 540-560/MT, increased by USD 20/MT for  this week,
• Prices for Methanol on other side remained unchanged for this week. CFR India prices were assessed at the level of USD 233/MT, with no change in prices for this week.
• Crude oil prices on Friday rose by Rs 81 to Rs 3,804 per barrel as speculators created fresh positions amid positive global trends. Analysts said raising of bets by participants kept crude prices higher in futures trade here. The flow of oil travelling from Latin America to China has stopped in the wake of the deadly outbreak of the coronavirus that has sunk oil prices to three-month lows, with no oil making its way from Brazil or Colombia to China since last week,
• Chinese refineries are responsible for taking one-third of all oil from Brazil, Colombia, and other Latin American countries.
• The demand for jet fuel and gasoline stemming from travel restrictions that have been put in place in an effort to stop the virus from spreading is expected to fall sharply, which will inevitably catch up to the refineries who are expected to cut back production at some point.
• On Thursday, closing crude values have decreased. WTI on NYME closed at $52.14/bbl. Prices have decreased by 1.19/bbl in compared to last closing prices. While Brent on Inter Continental Exchange is decreased by 1.52/bbl in compare to last closing price and was assessed around $58.29/bbl. 

1$: Rs. 71.34

Import Custom Ex. Rate USD/ INR: 71.65

Export Custom Ex. Rate USD/ INR: 69.95