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Prices of Acetic Acid is increased by 7-8% in spot market

Acetic acid prices in spot market of Mumbai and Ahmedabad has witnessed sharp increase in prices due fall in supply from Middle East & Asia Pacific region. On 2nd August, spot prices in Western India stood at INR 34,850 per tonne, down 7.5% from the two weeks ago. India’s sole producer of acetic acid, GNFC is running at full capacity despite slowdown in overall economy. The company supplies most of the production to Reliance Industries Ltd for the production of Acetic Acid. The company is also engaged in trading of acetic acid and methanol.