Methanol Weekly Report 31 May 2019
Weekly Price Trend: 27-05-2019 to 31-05-2019
- 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.22.5/Kg for bulk quantity by end of the week. Prices were reduced by Rs.0.5/Kg for this week from last week’s closing values.
- By the end of the week prices were assessed around Rs 22.5/Kg for Kandla and Mumbai ports, remained unchanged for this week.
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.24/Kg for this week.
- CFR India prices were assessed around USD 266/MTS, reduced by USD 3/MT in /MTS for this week.
- There has been continuous decline in international prices for Methanol on back of abundant supply and bulk availability of stocks at the port.
- 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.
- Oil prices have been plunging to its lowest levels since March 2019. The reason behind this has been the stockpiling in US since March 2019 following a smaller than expected drop in weekly inventories.
- West Texas was recorded at $ 56.55/barrel this week, decline by 4% in this week. On other side, Brent was recorded at $66.4/barrel declined by 4.4% for this month.
- On Thursday day, closing crude values have decreased. WTI on NYME closed at $56.59/bbl. Prices have decreased by 2.22/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $2.58/bbl in compare to last closing price and was assessed around $66.87/bbl.
PLANT NEWS
BASF heading for industrial Methanol production which is carbon-di-oxide free
- BASF has developed a carbon dioxide (CO2) neutral process to produce methanol and will apply for a patent, the Germany chemicals major said on Friday. While the method has only been tested in a pilot plant at BASF’s subsidiary hte GmbH in Heidelberg, Germany, the chemicals major was confident that industrial applications could guarantee CO2-free methanol. BASF’s greener process for production of methanol has been included under the company’s so-called Carbon Management Program.
- The producer is confident the new methanol production process will open up a “new chapter” for the basic chemical.
- Methanol is primarily used to produce formaldehyde, methyl tertiary butyl ether (MTBE) and acetic acid. Smaller amounts go into production of dimethyl terephthalate (DMT), methyl methacrylate (MMA), chloromethanes, methylamines, glycol methyl ethers, and fuels applications such dimethyl ether (DME), biodiesel and the direct blending into gasoline.
$1 = Rs. 69.68
Import Custom Ex. Rate USD/ INR: 71.15
Export Custom Ex. Rate USD/ INR: 69.50
