Weekly Methanol Report 5th February 2021

 Weekly Price Trend: 01-02-2021 to 05-02-2021

• The above graph focuses on the Methanol price trend for the current week. Prices remained firm for this week.
• By the end of the week prices were assessed at the level of Rs.32/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.32/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 an increase of USD 5/MTS for this week.
• CFR China prices were assessed around USD 330/MT for this week. There has been rise of USD 21/MT 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. According to trader market is facing shortage of the chemical as a result prices are soaring up in domestic market.
• Moreover, there has been rise in crude price and its tightened supply in international market has also affected the domestic market.
• Throughout this week industries were busy in occupying maximum of the available chemical as next week markets will remain completely closed due to Lunar vacation. The country will celebrate Lunar holidays for around ten days where most of the work will remain close.
• Continuous rising of prices has been quite hampering the economies of South Asian countries. Recently Indian Oil minister has slammed the decision of OPEC to cut down the production of oil. He said efforts at artificially distorting prices will have a dampening effect on the fragile global economic recovery that is underway.
• India relies on imports for more than 80 percent of its oil consumption. Like most other economies across the globe, Asia’s third-largest economy suffered a fallout from the pandemic, making it particularly vulnerable to oil price changes that benefit exporters. Its oil demand declined last year for the first time in two decades as a result of the pandemic. However, demand has been on the mend since the second half of last year, driven by higher fuel demand.

$1 = Rs. 72.92

Import Custom Ex. Rate USD/ INR: 73.80

Export Custom Ex. Rate USD/ INR: 72.10