03 October 2007 16:36 [Source: ICIS news]
LONDON (ICIS news)--Methanex is informing its customers that it will post €390/tonne ($550/tonne) as its European Posted Contract Price (MEPCP) for fourth-quarter methanol by the end of the day, a company source said on Wednesday.
Having refused another offer below €400/tonne on Tuesday, one Methanex customer said “it’s too high and we don’t accept €390/tonne,”
“It is damaging to the downstream production of derivatives,” he added.
Another large consumer was still vying for €340/tonne as a possible contender for the European contract price.
Fourth-quarter discussions were ongoing following reports from both the buyer and seller sides on Monday that a level of €370/tonne could also be a contender as a European contract price.
“I heard two players had settled at €370/tonne,” another customer said, commenting on market talk on Tuesday.
Methanex’s figure was €40/tonne below Helm’s earlier proposal for European contract numbers of €430/tonne for the fourth quarter and its controversial monthly figure of €405/tonne for October. Helm was not available for comment.
($1 = €0.71)
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