Methanol Weekly Report 05 Aug 2017

Weekly Price Trend: 31-07-2017 to 04-08-2017
 

The above graph focuses on the Methanol price trend for the current week. Prices have followed up inclination for this week. By the end of the week prices were assessed around Rs.23/Kg for Kandla and Rs 23/kg Mumbai ports.

Booking Scenario

INDIA&INTERNATIONAL

• This week domestic market prices of Methanol have followed up inclination and by the end of the week prices were evaluated at Rs 23/kg for Kandla and Rs 23/kg for Mumbai ports.     
• CFR India prices were assessed in the range of USD 240-260/MTS. Prices have increased in compares to previous week.
• This week in China market prices have increased CFR China prices were assessed in the range of USD 284/mt.
• This week domestic methanol prices have increased with the increase in buying sentiments.
• CFR India and CFR China prices also have escalated as demand sentiments from end users are increasing across the region.
• Iran’s Fanavaran Petchem raises methanol plant run rate to 80%.
• China's Xinneng Energy restarts methanol plant
• Iran’s Zagros restarts its methanol plant no. 2 on 1st August.
• This week prices have remained volatile. On Thursday oil prices plunged as watchful buying dried up after U.S. crude rose to nearly $50 a barrel. On Thursday, WTI on NYME closed at $49.03/bbl, prices have decreased by $0.56/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $0.35/bbl in compared to last trading and was assessed around $52.01/bbl.
• Investors looked ahead to an OPEC meeting next week for fresh insight into the oil cartel's commitment to improve compliance with the deal to curb production.
• However, Market participant downplayed the importance of the meeting next week, suggesting oil prices may struggle to sustained upward momentum.
• Report said that, absent further production cuts or a sustained uptick in demand, prices are likely to remain in the low to mid $50s for the remainder of the year. There are signs that the oil industry has adapted to an era of low prices and can produce and operate at levels that would previously have been uneconomic.

  $1 = Rs. 63.58
 Import Custom Ex. Rate USD/ INR: 64.55
 Export Custom Ex. Rate USD/ INR: 62.85