Weekly Methanol Report 22nd January 2021

    Weekly Price Trend: 18-01-2021 to 22-01-2021

• The above graph focuses on the Methanol price trend for the current week. Prices remained soft-to-stable for this week.
• By the end of the week prices were assessed at the level of Rs.29.75/Kg for this week. Prices are anticipated to increase further in the upcoming week.

BOOKING SCENARIO

INDIA & INTERNATIONAL

• Domestic prices for Methanol were assessed at the level of Rs.29.5-30/Kg for this week.
• Prices for India in international market were assessed around USD 390/MT, with an increase of USD 4/MTS for this week.
• CFR China prices were assessed around USD 309/MT for this week. There has been no change in China prices.
• FOB Korea values were assessed around USD 380/MT for this week.
• On other side CFR SEA prices were assessed in the range of USD 382/MT.
• Domestic market for Methanol remained firm for this week. There has been tightened supply of chemical in domestic market.
• Demand for chemical has remained stable and is likely to continue this trend in next few weeks as well.
• Fundamentals are likely to remain firm for the upcoming weeks as well. The other major reason for this rise has been the sudden shutdown of Methanol plants in South Korea and with strong demand in downstream industry has also pushed the prices in international market.
• Vaccination drive across the nation has elevated the mood in Indian domestic market. Moreover, compare to other nations there has been significant decline in the number of new cases for Corona virus which has further improved the market sentiments.
• Recently Indian stock Exch. Also crossed the mark of 50,000 points which was again god sign for the Indian economy.
• Markets are likely to remain bullish in countries like China as Lunar vacation is approaching soon.
• In crude market the demand is likely to face tough time as new strain Corona has been spreading fast in UK and other European nations. Countries like Japan, Germany and UK has already reintroduced the restrictions and some has also imposed complete lockdown again.
• On other side Saudi Arabia has announced its plant to cut the production by 1mn bbl/day in the month of February and March.

$1 = Rs. 72.97

Import Custom Ex. Rate USD/ INR: 73.85

Export Custom Ex. Rate USD/ INR: 72.10