12 October 2007 14:32 [Source: ICIS news]
A trader was heard to be in the market to buy at €410/tonne and to sell at €460/tonne. A bid for November was pegged at €405/tonne by another buyer, with no offers to counter it.
Buying interest was quoted around €350/tonne FOB (free on board) ?xml:namespace>
“I wouldn’t be surprised if some higher spot numbers were done,” a supplier said.
The few players willing to propose spot prices were testing the water, according to another seller, following the late settlement of the fourth-quarter contract price.
“It’s all a bit academic,” he said.
The last reported deal was for October at €405/tonne, according to global chemical market intelligence service ICIS pricing. This pre-empted the new fourth-quarter contract price of €380/tonne settled between most major producers and consumers.
The fourth-quarter contract price was up from the third-quarter level €218/tonne, with buyers and sellers attributing the hike to a tight market.
Methanex set its European posted contract price (MEPCP) at €390/tonne.
($1 = €0.70)
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