NewsFlashMethanex slashes Apr methanol APCP
23 March 2007 01:55 [Source: ICIS news]
SINGAPORE (ICIS news)--Global methanol supplier Methanex has slashed the April Asian Posted Contract Price (APCP) by 35% to $320/tonne CFR (cost and freight) from March, regional sellers and distributors said on Monday.
The huge $170/tonne drop came amid rapidly falling spot prices across the globe as supply outpaced demand. Methanex rolled over its APCP in March.
In Asia, producers’ inventories were not excessively high, but there were a lot of cargoes floating around waiting to find a home, a regional seller said.
Another regional producer said it was considering bringing forward its turnaround in order to rein in supply.
Most buyers withdrew to the sidelines amid such sharp falls. One buyer said he was afraid to touch spot cargoes given the uncertainty.
Prices could fall further before stabilising, some market sources said.
Methanol prices surged in the second half of 2006 triggered by tight global supply. The APCP hit an 11-year high at $550/tonne CFR in October last year.
By: Anu Agarwal
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