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ACN Weekly Report 04 March 2017

Weekly Price Trend: 27-02-2017 to 03-03-2017

 

  • The above given graph focuses on the ACN price trend from 27th Feb to 3rd Feb 2017.  In compare to last week’s closing values there has been rise in domestic values.
  • Domestic prices were assessed at the level of Rs.113/Kg week for bulk quantity.

Booking Scenario

The above chart shows the international prices of ACN. CFR India prices of ACN were assessed in the range of USD 1440-1460/MT.
INDIA& INTERNATIONAL

  • Domestic prices of ACN increased significantly for this week. Prices were assessed at the level of Rs 113/Kg for bulk quantity.
  • CFR India prices of Acrylonitrile were assessed in the range of USD 14440-1460/MT, with no change in compare to last week’s closing values.
  • Jilin Petrochemical is planning to shut its ACN unit no1 and no.2 for maintenance turnaround. The company has not specified the exact date for maintenance and for how long the units will remain off-stream.  The two units have the combined production capacity of 1,18,000 mt/year.
  • Oil prices remained variable throughout his week. Oil prices headed lower on Thursday to log their lowest finish in last three weeks, as U.S. government data showed that domestic crude inventories hit a record production and production edged higher last week.
  • As per market sources, the high crude stockpile levels in the U.S. is the one of the major reasons behind oil’s recent inability.
  • On Friday, oil prices rose as the United States imposed sanctions on some Iranian individuals and entities.
  • The increasing U.S. crude output in recent months has largely offset the continuing production cuts by the OPEC and Russia. The two counterforce are keeping prices in a slim range, said by analysts.
  • Market predictors are anticipating that the respite to continue for more weeks with the next major price mover likely to be OPEC’s meeting at the end of May in which members will decide whether to extend the cuts beyond the initial six-month period.
  • On Thursday, closing crude values have decreased.WTI on NYME closed at $52.61/bbl, prices have decreased by $1.22/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $1.28/bbl in compared to last trading and was assessed around $55.08/bbl.

$1 = Rs. 66.81
Import Custom Ex. Rate USD/ INR: 67.65
Export Custom Ex. Rate USD/ INR: 66.00