06 March 2008 11:48 [Source: ICIS news]
Correction: In the ICIS news story headlined "Methanex posts Q2 MEPCP down €150/t" dated 6 March 2008, please read the headline as "Methanex targets..." instead of "Methanex posts....Also, in the first paragraph please read ...Methanex is targeting a second-quarter European posted contract price... instead of ...The first-quarter Methanex European posted contract price is.... A corrected story follows.
LONDON (ICIS news)--Methanex is targeting a second-quarter European posted contract price (MEPCP) of €375/tonne ($577/tonne), down €150/tonne on the first quarter, reflecting recent drops worldwide, a company source said on Thursday.
“We started to approach the market with our second-quarter views and the number we think representative is €375/tonne,” said Philippe Arendt director of marketing and logistics at the Canadian producer.
“There is a need to adjust prices, but we need to be careful we don’t go too low or we will be exposed to a possible correction in the third quarter which no-one will appreciate,” he added.
“Production reliability remains an issue and we believe physical demand will bounce back in the quarter as a result of lower prices and the fact that buyers have kept inventories to a minimum."
Arendt went on to say that it was necessary to align prices with global postings, taking into account the duty, freight, storage and discount differentials.
Its March Asian posted contract price (APCP) fell $75/tonne to $525/tonne CFR (cost and freight) ?xml:namespace>
($1 = €0.65)
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