Methanol Weekly Report 10 May 2019
Weekly Price Trend: 06-05-2019 to 10-05-2019
- 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.24/Kg for bulk quantity by end of the week. Prices were reduced by Rs.1/Kg for this week from last week’s closing values.
- By the end of the week prices were assessed around Rs 24/Kg for Kandla and Mumbai ports, prices reduced by Rs.1/Kg for bulk quantity.
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 300/MTS, reduced by USD 10/MT in /MTS for this week and were assessed around USD 279/MT for this week.
- 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.
- Crude oil prices are heading on higher note since last few weeks following first day of US-China trade talks. Sentiment got an uptick following a report that Trump, Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer were talking about progress in negotiations. The fate of the commodity, and whether or not gains may last likely depends on the outcome of the negotiations.
- The end of the U.S. sanction waivers for all Iranian all buyers means that Iran’s oil exports will drop as of this month, but no one is really sure by how much. Various analysts expect that Iran will continue to ship oil somewhere between 200,000 bpd and 600,000 bpd, but not all that oil would be oil sales as it could be debt repayment, and some of it is expected to go ‘under the radar’.
- All these uncertainties in oil supply are making OPEC’s decision making more difficult as the cartel and allies are getting ready to hold a panel of technical committees later this month in Jeddah, Saudi Arabia, to discuss the state of the oil market and the supply and demand balance.
PLANT NEWS
Methanol plant restarted by BMC
- Brunei Methanol Corporation (BMC) has restarted its Methanol unit after a long period of maintenance. Earlier the unit was shut down in the last week of February this year. It was scheduled to restart in the last week of April but restart got further delayed.
- Unit is based at Sungai Lang industrial park of Malaysia.
$1 = Rs. 69.91
Import Custom Ex. Rate USD/ INR: 70.45
Export Custom Ex. Rate USD/ INR: 68.80
