Methanol Weekly Report 6 December 2019
Weekly Price Trend: 02-12-2019 to 06-12--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.17.5/Kg for bulk quantity by end of the week.
- By the end of the week prices were assessed around Rs 17.5/Kg for Kandla and Mumbai ports, increased by Rs.1.25/kg for this week.
Booking Scenario
INDIA&INTERNATIONAL
- This week domestic market prices of Methanol have improves slightly in Indian markets. There has been slight upheaval in the demand sentiments. Prices in the domestic market were assessed at the level of Rs.17.5/Kg for bulk quantity.
- CFR India prices were assessed around USD 197/MTS, increased USD 3/MT for this week.
- CFR China prices were assessed around USD 203-223/MT increased by USD 1/MT in values for this week.
- With ongoing winter season in Iran and other major methanol manufacturing nations there will be shortage in the supply of the Methanol as majority of units prefer to undergo maintenance in this duration due to shortage in the supply of natural gas. As it is more used for domestic purpose in this season.
- There has been decline in crude today on contrary as it was anticipate to see a surge in prices after OPEC deciding to cut its production.
- The fall in crude oil futures was mostly due to trimming of positions by traders, in line with weak global cues
- The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia agreed to more output cuts to avert oversupply early next year as economic growth stagnates amid the U.S.-China trade war.
- As per this agreement, it will cut an extra 500,000 barrels per day (bpd) of production, through tighter compliance and some adjustments. The group has been withholding 1.2 million bpd and the increased amount represents about 1.7% of global oil output.
· On Thursday, closing crude values have increased. WTI on NYME closed at $58.43/bbl. Prices have remained firm. While Brent on Inter Continental Exchange is increased by2.18/bbl in compare to last closing price and was assessed around $63.00/bbl.
METHANEX announced its Asian contract prices for the month of December 2019
Canada based Methanex has posted its North American and Asian contract prices for the month of December 2019. Asian contract prices remained unchanged for this week. Prices posted for December were USD 295/MT with no change in these values. Prices posted for North America is USD 342/MT.
$1 = Rs. 71.32
Import Custom Ex. Rate USD/ INR: 72.40
Export Custom Ex. Rate USD/ INR: 70.70
