Methanol Weekly Report 1 November 2019
Weekly Price Trend: 21-10-2019 to 25-10--2019
- The above graph focuses on the Methanol price trend for the current week. Prices remained vulnerable throughout this week. Domestic prices were assessed at the level of Rs.17.5/Kg for bulk quantity by end of the week.
- By the end of the week prices were assessed around Rs 17.5/Kg for Kandla and Mumbai ports.
Booking Scenario
INDIA&INTERNATIONAL
- This week domestic market prices of Methanol remained stable and there was slight slowdown in prices in the starting of week itself. Prices in the domestic market reduced slightly for this week and were assessed at the level of Rs.17.5/Kg for bulk quantity.
- CFR India prices were assessed around USD 211/MTS, reduced by USD 4/MT for this week.
- CFR China prices were assessed around USD 221-241/MT reduced by USD 4/MT for this week in compare to last week’s closing values for this week.
- Indian markets are operating on reduced rate as country is festive mood. Market has not resumed its operations in full swing and will operate with full capacity Monday onwards.
- Moreover the political turmoil over the formation of government in Maharashtra state has been concern for the traders as well as business leaders.
- Oil prices steadied on Friday after a rough week, squeezed about 4 per cent lower by a combination of rising global supply and uncertain future demand.
- Worries over global economic growth, along with oil demand, continued to haunt the market as leaders from the United States and China continue to struggle to end a 16-month dispute that has roiled trade between the world's top two economies. "Concerns about the US-China trade dispute have come home to roost," said Stephen Innes, Asia Pacific market strategist at AxiTrader. "Framing this doom and gloom view is the massive US inventory build and the horrendous economic data released over.
- On Thursday, closing crude values have decreased. WTI on NYME closed at $54.18/bbl. Prices have decreased by 0.88/bbl in compared to last closing prices. While Brent on Inter Continental Exchange is decreased by 0.38/bbl in compare to last closing price and was assessed around $60.23/bbl.
Unplanned outage reported at MTO unit of Jiutai Energy
- Jiutai Energy Group has shutdown its MTO unit on emergency basis. The company has put an halt to the operations of the unit owing to mechanical issues. The plant is likely to remain off-line for about 4-5 days.
- Unit is based at Inner Mongolia, the MTO plant has an ethylene capacity of 150,000 mt/year and propylene capacity of 200,000 mt/year.
Saudi's SABIC ups stake in methanol JV after $150m deal
- Saudi Basic Industries Corporation (SABIC) has acquired an additional 25 percent stake in its joint venture in Saudi Methanol Company (Ar-Razi) with the Japan Saudi Arabia Methanol Company (JSMC) in a $150 million deal. SABIC also simultaneously extended its partnership with JSMC in Ar-Razi for 20 years, for which JSMC agreed to pay SABIC $1.35 billion.
METHANEX announced its Asian contract prices for the month of November 2019
- Canada based Methanex has posted its North American and Asian contract prices for the month of November 2019. Asian contract prices remained unchanged for this week. Prices posted for November were USD 295/MT with no change in these values. Prices posted for North America is USD 342/MT.
$1 = Rs. 70.81
Import Custom Ex. Rate USD/ INR: 72.30
Export Custom Ex. Rate USD/ INR: 70.60
