Methanol Weekly Report 10 July 2020
Weekly Price Trend: 06-07-2020 to 10-07-2020
- The above graph focuses on the Methanol price trend for the current week. Prices have reduced significantly for this week. There has been mixed trend in domestic values.
- By the end of the week prices were assessed around Rs 18/Kg for Kandla and Mumbai ports.
BOOKING SCENARIO
INDIA & INTERNATIONAL
- This week domestic market prices of Methanol have remained vulnerable and were assessed around Rs.18/kg for this week for bulk quantity.
- Prices for India were assessed around USD 144/MT, with no change in prices for this week. CFR China prices were assessed around USD 160/MT for this week.
- There has been oversupply of Methanol in European market. The demand has improved but oversupply has curtailed the rise in prices for methanol. The European methanol spot price mid-point softened by €0.50/tonne from the previous week.
- Crude prices dipped by 1.17 per cent as supply increased while its peer natural gas fell 1.99 per cent.
- There has been continuous surge in Corona cases in major cities of India. The financial city of India Mumbai has been hotspot for the pandemic. The state government over there has declared complete lockdown again for two weeks. Operations are likely to get setback due to this lockdown.
- The face-off between India and China has been major concern for global petrochemical market. India this week has banned the apps and is focusing more on Make in India rather importing from China. The tensions has been escalating day by day where China has been conquering the lands in south Asia and creating tensions with neighboring countries.
METHANEX announced its Asian contract prices for the month of July 2020
- Canada based Methanex has posted its North American and Asian contract prices for the month of July 2020. Asian contract prices remained unchanged for the month of July. Prices posted for July 2020 were USD 215/MT while prices posted for North America is USD 276/MT.
New Methanol unit started by Ningxia Baofeng
- Johnson Matthey (JM) made an important announcement that Ningxia Baofeng Energy Group has "successfully" commissioned a new methanol plant at Ningxia Baofeng's 600,000-t/y coal-to-olefins complex in Ningxia Province, China.
- The unit with a capacity of 6,600 tonnes/day is based on technology of JM, and is based on gas as feedstock. It combines advanced JM catalysts to produce stabilized methanol, which is used to produce olefins in a downstream facility.
- "This project has incorporated processing technologies from the most advanced international and domestic coal-to-chemical units," said Liu Yuanguan, president of Baofeng Energy.
- "The unit is the largest methanol plant for a single train with comprehensive advantages of high synthesis and energy efficiency and low OPEX and emissions, benefiting both our society and providing long-term value."
$1 = Rs. 75.20
Import Custom Ex. Rate USD/ INR: 76.40
Export Custom Ex. Rate USD/ INR: 74.70
