Methanol Weekly Report 04 Nov 2017

Weekly Price Trend: 30-10-2017 to 03-11-2017

The above graph focuses on the Methanol price trend for the current week. Prices have followed firm inclination for this week. By the end of the week prices were assessed around Rs.23.5/Kg for Kandla and Rs 23.5/kg Mumbai ports.

Booking Scenario

INDIA&INTERNATIONAL

• This week domestic market prices of Methanol have followed firm inclination and by the end of the week prices were evaluated at Rs 23.5/kg for Kandla and Rs 23.5/kg for Mumbai ports.     
• CFR India prices were assessed in the range of USD 295-315/MTS. Prices have increased in compares to previous week.
• Methanol market is moving with sluggish velocity. Demand sentiments have been bearish from end users.
• Some market players have said that on account of uncertain market condition market players have adopted observing stances recently.
• This week no major deals and discussion has been heard market have remained firm.
• NITI Aayog of central government has said that it will give all its support for increasing the production of Methanol by Assam Petrochemical using natural gas. NITI Aayog believes that Assam state has enough potential of methanol production its huge coal reserves can be extensively used for producing methanol.
• "Oil import is a major concern for India and its demand is gradually rising. This has significantly contributed to the country's import bill. As a means of energy security and clean fuel, methanol can replace the traditional energy sources and reduce import and pollution," Saraswat said.
• Stating that augmentation of methanol production capacity of APL would immensely boost the local economy, he said NITI Ayog would closely work with the company to utilize the stranded natural gas for producing methanol.
• On Thursday, closing crude values have increased. WTI on NYME closed at $54.54/bbl; prices have increased by $0.24/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.13/bbl in compared to last trading and was assessed around $60.62/bbl.

  $1 = Rs. 64.55
 Import Custom Ex. Rate USD/ INR: 65.40
 Export Custom Ex. Rate USD/ INR: 64.70