Market participants said on April 23 that due to the tight supply of acetic acid in Asia, the spot price of acetic acid in India hit a six-month high. Since March, some of the major acetic acid producers in Asia have entered the period of centralized maintenance, coupled with poor profitability, some acetic acid plants in Southeast Asia and the Middle East have reduced their production, and the supply of acetic acid to India has decreased significantly.
As of the week of April 20, the spot price of acetate in India was US$530 (tonne, the same, CFR, India), which reached its highest point since June. The price at the end of March was a four-month low, about $465 (CFR, India). Indian end-users have increased their offer for May shipments by $50 to $580 (tons, the same, CFR, India).
In terms of production, a global manufacturer has closed its 500,000 tons/year acetic acid plant in Southeast Asia since mid-March. In Malaysia, BP Petronas Acetyl Corp. plans to close the 535,000 tonne/year facility in Kertih in early May for a two-week overhaul. The factory's current operating rate is only about 60%.
On the other hand, Western sanctions against Iran caused Iranian cargoes to be unable to ship into the Indian market, which in turn exacerbated the shortage of acetic acid in India. At the same time, Chinese acetic acid producers and traders said that because some domestic acetic acid plants are being or will be overhauled, the spot price is now sold out. Prices in Northeast Asia have also increased to 500-510 US dollars (FOB).
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