Methanol Weekly Report 16 Dec 2017

Weekly Price Trend: 11-12-2017 to 15-12-2017

The above graph focuses on the Methanol price trend for the current week. Prices have increased for this week. By the end of the week prices were assessed around Rs 32.75/Kg for Kandla and Rs 30.5/kg Mumbai ports.

Booking Scenario

INDIA&INTERNATIONAL

• This week domestic market prices of Methanol have followed up trend and by the end of the week prices were evaluated at Rs 32.75/kg for Kandla and Rs 32.75/kg for Mumbai ports.     
• CFR India prices were assessed in the range of USD 405-425/MTS. Prices have increased by USD14/mt in compares to previous week.
• CFR South East Asia prices of methanol were evaluated at the USD 420/mt
• Methanol market is moving with up velocity. Demand sentiments have been increasing from end users.
• In Asia methanol prices firm up on bullish buying sentiments.
• Bullish market from China kept the upward pressure on prices of methanol in other parts of Asia.
• US methanol prices jumped on continuing rising prices in China and the Middle East.
• China's Zhejiang Xingxing restarts MTO plant on 14 December.
• Cabinet minister Nitin Gadkari said on Saturday said that the government would soon announce a policy for 15% blending of methanol in petrol to make it cheaper and to reduce pollution.
• Methanex has reached an agreement with ENAP for additional gas supply to Methanex's Chilean methanol operations through 31 Dec. 2019.
• This week crude oil prices have followed mixed trend. On Thursday oil prices rose as a pipeline outage in Britain continued to support prices despite forecasts showing global crude surplus in the beginning of next year.
• On Thursday, closing crude values have increased. WTI on NYME closed at $57.04/bbl; prices have increased by $0.44/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.87/bbl in compared to last trading and was assessed around $63.31/bbl.
• Traders said markets were overall well supported by efforts led by OPEC and Russia to withhold supply to prop up prices.
• As per market report, the oil market to have a surplus of 200,000 barrels per day in the first half of next year before reverting to a deficit of about 200,000 bpd in the second half. That means 2018 overall should show closely balanced market.

 $1 = Rs. 64.04
 Import Custom Ex. Rate USD/ INR: 65.40
 Export Custom Ex. Rate USD/ INR: 63.70