Weekly Methanol Report 30th October 2020 01 Nov 20, 10:47 pm

Weekly Methanol Report 30th October 2020

Weekly Price Trend: 26-10-2020 to 30-10-2020

The above graph focuses on the Methanol price trend for the current week. Prices remained stable for most of the week. There has been rise in prices for this week.
By the end of the week prices were assessed at the level of Rs.21.25/Kg for this week.

BOOKING SCENARI0

INDIA & INTERNATIONAL

This week domestic market prices of Methanol remained flat throughout this week. Prices were assessed in the range of Rs.21-21.25/Kg.
Prices for India were assessed around USD 265/MT, with no change in prices for this week. CFR China prices were assessed around USD 220/MT for this week. Prices were increased by USD 5/MT for this week.
On other side CFR SEA prices were assessed in the range of USD 259/MT.
Domestic market for Methanol remained flat throughout this week. There has been Methanol the main product of Indian market has now increased its reach and the amount of import has also increased. Last two months’ average import was of 85% of last year imports. Still heavy stock is available at Indian ports.
With bulk import in last two months there was heavy dip in imports in the month of October. Purchase in the spot market was lowered by 55,00- 60,000 tonnes. Very slow trading and dull market remained the key features for this week.
Although there was hike in import prices but it could not be imposed on domestic prices as supply remained dismal.
Experts believe that this weak spot trading is likely to stay in the month of November as well. There are very few offers from Middle East.
Similar scenario was seen in China market. Although is the biggest consumer of Methanol in the world. Many of the MTO units have either curtailed their purchase or under maintenance leading to slowdown in the imports.
China imports mostly from Iran and with winter approaching there would be decline in production of Methanol in Iran due to shortage in the supply of gas.
On other side Crude prices has been shrinking in global market since last few days. Prices had swung between parity and a more than 2 percent decline during Friday’s session as the “market is anxious” over renewed lockdowns in Europe and US elections next week.
The Europe is facing the second wave of Corona and is going for complete lockdown. France entered a new lockdown on Friday as the resurgent coronavirus pandemic increasingly forced other countries to consider following suit, with Europe passing 10 million total infections and the United States posting a daily record of 90,000 cases.
India needs to be careful and alert as still the cases in India are second highest in the world.