Methanol Weekly Report 3 May 2019
Weekly Price Trend: 29-04-2019 to 03-05-2019
- 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.25.5/Kg for bulk quantity by end of the week. Prices were reduced by Rs.2.50/Kg for this week from last week’s closing values.
- By the end of the week prices were assessed around Rs 25.5/Kg for Kandla and Mumbai ports, prices reduced by Rs.2.5/Kg for bulk quantity.
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.28.5/Kg for this week.
- CFR India prices were assessed around USD 310/MTS, slightly increased by USD 3/MT in compare to last week’s closing values. On other side CFR China prices also remained firm for this week at the level of USD 273-293/MT, increased by USD 6/MT for this week.
- 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 major supplier of Methanol is Iran and it has curtailed its supply due to some unexpected plant shutdowns. This short supply at Indian ports is likely to stay for two to three weeks as Iran has been reluctant to make any fresh deals.
- The chaos in Venezuela and plunge in the oil production is matter of great concern. The country has lost its stability and has been completely bankrupt. This in turn has led to decline in oil production. US has been forcing rest of the nations to corner Venezuela andstop taking any kind of fuel.
- Similarly with Iran the sanctions have been completely imposed with no mare waiver options. To this situation the supply has been curtailed from two major oil producing countries. But on contrary oil prices has lowered down due to ever increasing oil inventories in USD.
- Crude prices have lowered for this week. On Thursday day, closing crude values have decreased. WTI on NYME closed at $61.81/bbl. Prices have decreased by 1.79/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $1.43/bbl in compare to last closing price and was assessed around $70.75/bbl.
PLANT NEWS
METHANEX announced its Asian contract prices for the month of May 2019
- Canada based Methanex has posted its North American and Asian contract prices for the month of May 2019. Asian contract prices remained unchanged and were posted at USD 370/MT. With upcoming period for maintenance of several major units the prices remained stable for this week in Asian market. Prices posted for the Europe remain unchanged for this month and continue to remain Pound 360/MT.
$1 = Rs. 69.21
Import Custom Ex. Rate USD/ INR: 70.45
Export Custom Ex. Rate USD/ INR: 68.80
