Methanol Weekly Report 26 June 2020

   Weekly Price Trend: 22-06-2020 to 26-06-2020

• The above graph focuses on the Methanol price trend for the current week. Prices remained unchanged for this week. There has been mixed trend in domestic values.
• By the end of the week prices were assessed around Rs 17/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.17/kg for this week for bulk quantity.
• Prices for India were assessed around USD 144/MT, an increase of USD 6/MT 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 oil futures were trading higher in mid-morning trade in Asia June 26 after positive US economic data buoyed market sentiment about an improved demand outlook, despite fresh outbreaks of COVID-19.
• Surging number of new coronavirus cases in the US continues to weigh on market sentiment. Data from the COVID Tracking Project showed there were 38,672 positive COVID-19 tests in the US on June 24, a new record high. White House economic adviser Larry Kudlow was quoted in media reports as saying: "There will be shutdowns in individual places or certain stores.
• With fresh outbreaks of COVID-19 in Texas, Florida and California, there is a real threat of this demand recovery stalling. Some states are quarantining travelers from these states and some have halted the reopening of businesses 

 Methanol plant restarted by Qinghai Zhonghao

•  China based company Qinghai Zhonghao Natural Gas Chemical Company has resumed the production of its Methanol unit. Earlier the unit was shut down in the first week of June due to some technical fault.
• Unit is based at Qinghai province of China and has the production capacity of 6,00,000 tonnes/year.

  Methanol unit restarted by Petronas

•  Petronas Chemical Group has restarted its Methanol unit no2 after schedule of brief maintenance. Earlier the unit was shut down on 7^th June for a period of 2 weeks. Now it has resumed its operations. Unit is based at Labuan in Malaysia and has the production capacity of 1.7 mln mt/year.

 $1 = Rs. 75.48

 Import Custom Ex. Rate USD/ INR: 77.05

 Export Custom Ex. Rate USD/ INR: 75.35