28 July 2008 18:16 [Source: ICIS news]
The Vancouver-based company’s August price at 158 cents/gal ($526/tonne, €337/tonne) shows no change from July or June. Contract prices have been stable since May, which were at 150 cents/gal ($499/tonne).
Methanex’ contract price rollover for August follows suit from Southern Chemical Corp (SCC). Last week, SCC posted its August contract price at 155 cents/gal, also showing no change from July or June.
With a weak
However, a plant outage at Atlantic Methanol’s Equatorial Guinea facility and increased demand from the biodiesel sector have continued to support and provide balance to the market, a US Gulf coast-based methanol trader said. Methanol is a component for biodiesel production.
“Biodiesel operating rates [are] picking up hence more demand for methanol coming from that sector,” the trader said.
Spot prices for methanol were at 139-144 cents/gal ($462-479/tonne) FOB (free on board) US Gulf Coast (USG), according to global chemical market intelligence service ICIS pricing.
($1 = €0.64)
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