Methanol Weekly Report 1 March 2019
Weekly Price Trend: 25-02-2019 to 01-03-2019
- The above graph focuses on the Methanol price trend for the current week. Prices remained highly vulnerable for this week. There has slowdown in domestic prices and weakening of values continued throughout this week.
- By the end of the week prices were assessed around Rs 24.5/Kg for Kandla and Mumbai ports.
Booking Scenario
INDIA&INTERNATIONAL
- This week domestic market prices of Methanol remained highly weak and feeble. Prices in the domestic market reduced to the level of Rs.24.5/Kg for this week.
- CFR India prices were assessed around USD 295/MTS, reduced by USD 5/MT for this week. On other side CFR China prices remained unchanged with no change in values. Methanol prices have been highly unpredictable and since last few weeks. With heavy inventory levels on Indian port, prices were predicted to show a downward trend.
- The ongoing border tensions and war like situations between India and Pakistan had an adverse impact on Indian trade relation with neighboring nation. Moreover such heinous attacks affect the economy of the country as well.
- Oil prices rose on Friday as markets tightened amid output cuts by producer club OPEC, but surging U.S. supply and a global economic slowdown prevented crude from climbing further.
- In Venezuela, oil exports have plunged by 40 percent to around 920,000 barrels per day (bpd) since the U.S. government slapped sanctions against its petroleum industry on Jan. 28.
- This drop comes as the Organization of the Petroleum Exporting Countries (OPEC), of which Venezuela is a founding member, has led efforts since the start of the year to withhold around 1.2 million bpd of supply to prop up prices.
- Moreover the weak results from China have also affected the global economy. China's February factory activity fell for a third month as the world's second-largest economy continued to struggle with weak export orders, a private survey showed on Friday.
PLANT NEWS
METHANEX announced its Asian contract prices for the month of March 2019
- Canada based Methanex has posted its North American and Asian contract prices for the month of March 2019.
- Asian contract prices has been increased USD 15/MT and were posted at USD 360/MT. With upcoming period for maintenance of several major units, the prices are likely to seen and upward trend in Asian market.
Methanol plant shutdown by Zargos Petrochemical
- Zargos Petrochemical has shut down its unit no1 of Methanol for maintenance. This was an unplanned shutdown and was taken of-stream in last weekend. The reason for this outage has been some technical issues. Unit is likely to resume its production after one week.
- Unit is based at Assalyueh in Iran and has the production capacity of 1.65 million mt/year.
$1 = Rs. 70.85
Import Custom Ex. Rate USD/ INR: 72.00
Export Custom Ex. Rate USD/ INR: 70.30
