Methanol Weekly Report 18 September 2020
Weekly Price Trend: 14-09-2020 to 18-09-2020
- The above graph focuses on the Methanol price trend for the current week. Prices remained variable throughout this week. There has been rise and fall in values throughout this week
- By the end of the week prices were assessed at the level of Rs.23/Kg for this week. There has been significant rise in domestic values.
BOOKING SCENARIO
INDIA & INTERNATIONAL
- This week domestic market prices of Methanol remained volatile throughout this week.
- Prices for India were assessed around USD 265/MT, with an increase of USD 10/MT for this week. CFR China prices were assessed around USD 210/MT for this week.
- On other side CFR SEA prices were assessed in the range of USD 247-467/MT.
- The global market is feeling the heat of pandemic and exports across the nations has dropped significantly. Singapore the energy hub in the South Asian region has witnessed the decline in exports by 16.4%.
- To add to India’s woes the geopolitical tension with China has been hitting hard the country imports and has affected the further demand in the country.
- Rising corona cases post 4th Lockdown has affected each and every sector of the society. The country has been next two Brazil and the numbers are increasing with each passing day. The new normal is but difficult for the whole society.
- Crude values have been observed on surging trend. Oil prices rose for a fourth day in a row on Friday, putting crude on track for a weekly gain of about 10%, after Saudi Arabia pressed allies to stick to production quotas and banks including Goldman Sachs predicted a supply deficit.
- On Thursday closing, there was heavy rise in crude prices. WTI on NYME closed at $40.97/bbl. Prices increased by 0.88/bbl in compared to last closing prices. While Brent on Inter Continental Exchange has reduced by $1.08/bbl in compare to last closing price and was assessed around $43.30/bbl.
$1 = Rs. 73.44
Import Custom Ex. Rate USD/ INR: 74.60
Export Custom Ex. Rate USD/ INR: 72.90
