Methanol Weekly Report 14 June 2019
Weekly Price Trend: 10-06-2019 to 14-06-2019
- 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.22.5/Kg for bulk quantity by end of the week. Prices were reduced by Rs.0.5/Kg for this week from last week’s closing values.
- By the end of the week prices were assessed around Rs 22.25/Kg for Kandla and Mumbai ports.
Booking Scenario
INDIA&INTERNATIONAL
- This week domestic market prices of Methanol remained vulnerable there was a constant variation in the values. Prices in the domestic market improved and were assessed at the level of Rs.22.25/Kg for this week.
- CFR India prices were assessed around USD 252/MTS, remained unchanged for this week.
- There has been continuous decline in international prices for Methanol on back of abundant supply and bulk availability of stocks at the port.
- This week there has been decline in domestic values due to continuous variation in crude values in international market. Major traders are unable to anticipate the prices and are not in position to take any firm decision for any fresh purchase.
- The extensive summer in the country has been affecting a lot to the western and northern part of the country. Hard heat wave has derailed the work at many ports including Kandla where temperature is soaring to the level of 48-49 degrees.
- Oil prices remained flat most of the week with no major change until Thursday. On Thursday there was significant hike as there were two oil tankers hit by explosions in the Gulf of Oman between Iran and the United Arab Emirates (UAE).
- By Thursday morning, WTI Crude was surging 3.17% at $52.76, while Brent Crude was soaring 3.42% at $62.02, as renewed tension in the Middle East has the market worried that oil supply along the world’s most important chokepoints in the region may be under threat.
- The suspected attacks occurred one month after the UAE said in May that a total four vessels were attacked off its coast at the port of Fujairah, the world’s second-largest bunkering port.
- On Thursday day, closing crude values have increased. WTI on NYME closed at $52.28/bbl. Prices have increased by 1.14/bbl in compared to last closing prices. While Brent on Inter Continental Exchange is increased by 1.34/bbl in compare to last closing price and was assessed around $61.31/bbl.
- Methanol plant no2 restarted by Zargos Petrochemical. The unit was restarted yesterday and has been currently operating at 80% of its capacity. Earlier the unit was shut down in May end due to some technical glitch. It is based at Assalyueh in Iran and has the production capacity of 1.65mn t/yr of methanol. The unit no1 with same capacity is operating at 90% of its capacity.
$1 = Rs. 69.83
Import Custom Ex. Rate USD/ INR: 70.30
Export Custom Ex. Rate USD/ INR: 68.60
