There has been consistent strengthening of Methanol prices in India since last three weeks due strengthening of China values.
CFR India prices were assessed in the range of USD 280-300/MTS. Prices have increased by USD 12/MTS for this week. This increase has been due to correction in the prices in other Asian markets. Demand in the China from MTO plants has increased rapidly leading to shortening in the supply of chemical in domestic market. Many plants are undergoing shutdown or reduction in their operation capacity. Malaysia based Petronas has shut down their plant no2 for maintenance turnaround. This has further led to bolstering of prices in Asian subcontinent.
Prices in the domestic market also increased and were assessed around Rs.23.25/Kg for Kandla port and Rs.23/Kg for Mumbai port for bulk quantity.
