Weekly Methanol Report 12th February 2021

Weekly Price Trend: 08-02-2021 to 12-02-2021

• The above graph focuses on the Methanol price trend for the current week. Prices increased throughout this week.
• By the end of the week prices were assessed at the level of Rs.39.50/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.39.5/Kg for this week. Prices are likely to soar up in the next week as well.
• Prices for India in international market were assessed around USD 400/MT, with no change in prices for this week.
• CFR China prices were assessed around USD 330/MT for this week. Market remained closed in China for this week.
• FOB Korea values were assessed around USD 385/MT for this week.
• Domestic market for Methanol remained firm for this week. There has been tightened supply of chemical in domestic market. Market is facing acute shortage of Methanol for this week.
• Moreover, there has been rise in crude price and its tightened supply in international market has also affected the domestic market.
• Oil prices edged higher on Friday, buoyed by hopes for a US stimulus bill, but a weaker demand outlook from OPEC and the International Energy Agency capped gains.
• A sharp drop in new COVID-19 cases and hospitalizations buoyed hopes life will eventually return to normal.
• This week, OPEC ratcheted down expectations for global oil demand to recover in 2021, trimming its forecast by 110,000 barrels per day (bpd) to 5.79 million bpd.
• Further the number of people who travelled in China ahead of Lunar New Year holidays plummeted by 70% from two years ago as coronavirus restrictions curbed the world's largest annual domestic migration.

 $1 = Rs. 72.75

Import Custom Ex. Rate USD/ INR: 73.80

Export Custom Ex. Rate USD/ INR: 72.10