Methanol Weekly Report 28 August 2020

                                                            Weekly Price Trend: 24-08-2020 to 28-08-2020

• The above graph focuses on the Methanol price trend for the current week. Prices remained stable throughout this week. Although market has been operating at slower rate in Methanol segment.
• By the end of the week by R.18/Kg for this week. There has been slight improvement in domestic values for this week.

BOOKING SCENARIO

INDIA & INTERNATIONAL

• This week domestic market prices of Methanol remained firm with slight increase in values by end of the week.
• Prices for India were assessed around USD 160/MT, with an increase of USD 10/MT for this week. CFR China prices were assessed around USD 176/MT for this week.
• On other side CFR SEA prices were assessed in the range of USD 228-239/MT.
• International Methanol Company (IMC) has shutdown its Methanol unit abruptly. The duration for this shutdown has not been specified yet. Plant is located at Jubail, South Arabia and has the production capacity of 967 million MT/year.
• There has been heavy rains in the western part of India specifically Mumbai which has halted all the port as well as other operations.
• Domestic market has been operating at slower rate this year due to pandemic. The season of festivals has already started in India but there is no demand nor any  kind of rush for domestic consumption.
• Asian petrochemical segment remained stable and calm in spite of shutdown of major refineries across the globe. There has been shutdown of major refineries in US due to hurricane Laura in southwest Louisiana.
• There has been concerns over slowdown in demand as world sees no slowdown in the outpouring of coronavirus cases.
• As per reports, the Hurricane Laura is incoming very fiercely, the market thinks its impact will be very short-lived as oil producers in the region are just temporarily pausing their operations for a few days.
• On Thursday closing, crude values have declined slightly. WTI on NYME closed at $43.04/bbl. Prices have reduced by 0.35/bbl in compared to last closing prices. While Brent on Inter Continental Exchange have reduced by 0.55/bbl in compare to last closing price and was assessed around $45.09/bbl.

$1 = Rs. 73.38

Import Custom Ex. Rate USD/ INR: 75.90

Export Custom Ex. Rate USD/ INR: 74.15