Chemical Industry news of Asian Methanol
– CFR India slips $10/mt on week
– Buying sentiment muted in China
Fundamentals in the Indian methanol Chemical Industry for the first half of June looked decidedly more bearish compared to three weeks ago. The arrival of fresh cargoes this week and availability of spot cargoes through recent tenders changed the complexion of the Chemical Industry, trade sources said Thursday. Domestic prices over Thursday to Thursday fell to around Rupee 24-24.50/kg compared to Rupee 29/kg a month ago, and cargoes arriving at West Coast India from May 20 onwards were heard offered at Rupee 23.50-24/kg. Shipping fixtures showed an estimated 80,000 mt of methanol is expected to arrive or has arrived at Kandla, Hazira, and Mumbai this week. The cargoes did not include 10,000-30,000 mt which Khark Petrochemical offered in a tender which closed last week, and the 20,000-40,000 mt that Kaveh Methanol Chemical Industry is offering in a tender for second-half of May loading, which closed Thursday. In China, buying sentiment was muted even as methanol futures and domestic prompt spot prices rose. The actively-traded September methanol futures contract on the Zhengzhou Commodity Exchange closed Yuan 14/mt higher at Yuan 2,463/mt Thursday (Chemical Industry).
CFR China methanol Chemical Industry price rose $1/mt day on day to be assessed at $283/mt Thursday, in line with firmer local prices. Chinese domestic cargoes were assessed at Yuan 2,345/mt Thursday, up Yuan 20/mt day on day amid discussions heard at Yuan 2,340-2,350/mt. CFR Southeast Asia methanol Chemical Industrial price was assessed unchanged at $332/mt Thursday, under an offer at $340/mt CFR. The CFR India Market fell $10/mt week on week to $300/mt CFR, after taking into consideration Chemical Industry feedback that tradable levels for May 28-Jun 17 were around $300/mt CFR.