ACN Weekly Report 29 July 2017
Weekly Price Trend: 24-07-2017 to 28-07-2017
- The above given graph focuses on the ACN price trend from 24th July to 28th July 2017. In compare to last week’s closing values there has been slight change in domestic values.
- Domestic prices were assessed at the level of Rs.109/Kg, increased by Rs.3/Kg in compare to last week’s closing values.
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 109/Kg for bulk quantity.
- CFR India prices of Acrylonitrile were assessed in the range of USD 1440-1460/MT, reduced by USD 70/MT in compare to last week’s closing values.
- CIF India prices of Acetic acid were assessed around USD 370-390/MTS, with a decline of USD 20/MTS in compare to last week’s closing values. The overall market trend remained volatile throughout this week with majority of chemicals witnessing slowdown in international values.
- There has been glut in supply as majority of the states are receiving heavy showers. Gujarat has been worst affected due to heavy rainfall. All the major highways an railways have been affected by water logging. Rescue operation is all around the state is going on. The situation will take few more days to return to its normal pace.
- This week oil prices floated on positive trend. On Thursday oil prices closed on 8 week high levels on a hope that a steeper-than-expected decline in U.S. crude oil inventories will pull down global oversupply. On Thursday, closing crude values have increased.WTI on NYME closed at $49.04/bbl, prices have increased by $0.29/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.52/bbl in compared to last trading and was assessed around $51.49/bbl.
- As per report, U.S. crude stocks fell sharply last week as refineries increased output and imports declined, while gasoline stocks decreased and distillate inventories fell.
- Some players believe that the long-oversupplied market is moving towards balance which was also supported by news that Saudi Arabia plans to limit crude exports to 6.6 million barrels per day (bpd) in August, about 1 million bpd below the level last year.
- Some producers announced plans to cut spending this year as a result of low oil prices. But analysts say oil prices may have little room to head higher as recent gains could encourage more output, particularly from U.S. shale producers with low costs. The market will likely be paying even more attention to drilling activity in the U.S. in the coming weeks.
$1 = Rs. 64.16
Import Custom Ex. Rate USD/ INR: 65.20
Export Custom Ex. Rate USD/ INR: 63.50
